$EURJPY Double Three Corrective Pullback From the 10/25/17 Highs The $EURJPY has been pulling back lower in a double three Elliott wave corrective pattern from the 10/25/17 highs. Further back in July 2012 the pair seems to have put in a larger degree low and has bounced from there until December 2014. Down from there the lows from June 2016 corrected that cycle. From there the bounce has been three swings up to this point in time of the 10/25/17 highs where the pullback analysis of this forex instrument begins. A double three is a sideways combination of two corrective patterns that can be labeled any degree of W or A and Y or C that makes some progress toward it’s objective to correct a cycle. That will be separated in the middle by another double three of lesser degree or possibly a triangle connector wave that is labeled either X or B in the same degree as the previously mentioned W or A and Y or C. As per the 4 hour chart shown below at the bottom of this article, the pullback from the 10/25/17 highs has been sideways and very overlapping. The pair did three swings lower in the blue intermediate degree wave (W) that ended on 11/19/17 at 131.14. That was three swings & could be all the dip the pair sees since corrective sequences only go in 3 , 7 or 11 swings. It would need another low beneath the 11/19/17 lows to confirm it was going to happen thus not recommending this as a sell just as what can be seen if those lows give way. From the 11/19/17 lows the bounce that developed did three more swings up into the 134.39 highs from 12/1/17 which ended the intermediate degree blue wave (X). The tricky part now is with the minor degree red X bounce being close to taking the (X) connector highs. If it does it will change the extension area of where the (W) & (X) projects the fib extension area for the leg (Y). Assuming it remains below the 12/1/17 highs as of this moment, it projects the extension area being 131.01-128.93 from where it should bounce from again and end the corrective cycle from the 10/25/17 highs. Thanks for looking and feel free to come visit our website and take a trial subscription and see if we can be of help. Kind regards & good luck trading. Lewis Jones of the ElliottWave-Forecast.com Team