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Elliottwave View: AUDJPY Doing a Correction

By () · September 26, 2017 · Comments Off on Elliottwave View: AUDJPY Doing a Correction
Cross Rates · AUDJPY, AUDUSD, Elliott Wave Theory, ElliottWave, Forex, USDJPY

AUDJPY Short Term Elliott Wave view suggests that the rally to 90.31 ended Intermediate wave (W). Intermediate wave (X) pullback remains in progress as a double three Elliott Wave structure. Down from 90.31, Minor wave (W) ended at 88.44 and Minor wave (X) ended at 89.68. Near term, while bounces stay below 90.31, expect pair to extend lower towards 87.36 – 87.8 area to complete Intermediate wave (X). Afterwards, pair should resume the rally to a new high or at least bounce in 3 waves. We don’t like selling the proposed pullback.

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