AUDJPY short-term Elliott Wave analysis

November 13, 2015 08:42 AM

Best reading of the Elliott Wave cycle suggests decline to 85.41 ended wave (4). From this level, pair has resumed rally in wave (5) as  a double three structure where wave W ended at 87.58, wave X pullback ended at 86.37, and wave Y is currently in progress. Internal of wave Y is unfolding as a double three structure where wave ((w)) ended at 87.95, wave ((x)) ended at 87.12, and wave ((y)) of Y is in progress towards 88.6 – 89.1 area. As far as wave ((x)) low at 87.12 is holding, but more importantly as far as 86.37 pivot stays intact, the pair is expected to resume higher to 88.6 – 89.1.

About the Author