This is a paradoxical analysis of EUR/JPY.
Parallel Wolfe Line B (which comes from 169.96 (2008.07/21w) parallels Wolfe Line A.
What is Wolfe Line A ?
Wolfe Line A: 164.53 (98.10/05w)--140.90 (03.05/26w)--137.84 (04.01/05w)--112.05 (09.01/19w)--97.02(12.01/16w)
---94.10 (12.07/23w )
I think Parallel Wolfe Line A & B is making a long term descending Channel so far.
On Friday (May 01), EUR/JPY hit 135.28 which was exactly same level of Parallel Wolfe Line B.
If Parallel Wolfe Line B will still be a long term resistance, EUR/JPY will be plunging some more.
If it will be able to break through the Line B, EUR/JPY will go much higher beyond 169.96.
Parallel Line A & B has about 5525 pips vertical width, so Final target in the event of breakout over the
Line B, is 190.50 level.
P.S.:
Don't be surprised with this target number because it will almost equal:
126.08 + (145.68-94.10) x 1.272=191.69
Parallel Wolfe Line B (which comes from 169.96 (2008.07/21w) parallels Wolfe Line A.
What is Wolfe Line A ?
Wolfe Line A: 164.53 (98.10/05w)--140.90 (03.05/26w)--137.84 (04.01/05w)--112.05 (09.01/19w)--97.02(12.01/16w)
---94.10 (12.07/23w )
I think Parallel Wolfe Line A & B is making a long term descending Channel so far.
On Friday (May 01), EUR/JPY hit 135.28 which was exactly same level of Parallel Wolfe Line B.
If Parallel Wolfe Line B will still be a long term resistance, EUR/JPY will be plunging some more.
If it will be able to break through the Line B, EUR/JPY will go much higher beyond 169.96.
Parallel Line A & B has about 5525 pips vertical width, so Final target in the event of breakout over the
Line B, is 190.50 level.
P.S.:
Don't be surprised with this target number because it will almost equal:
126.08 + (145.68-94.10) x 1.272=191.69