Trend is down in daily chart of EUR/JPY currency pair. Resistance is present at 141.04 price level. Based on Elliott wave count I expect price to rise to complete Wave c which is going to complete Wave 2. Once price action completes Wave 2 look for a sell trade in EUR/JPY currency pair. However; if price breaks above 141.04 price level then down trend is going to end. In such case I will redo the analysis of EUR/JPY currency pair.
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Hi William. I do see a descending triangle on the daily chart. Should I be paying attention to it too or should I ignore it. What’s your thoughts on that?