Elliott Wave Analysis: AUDJPY Broke Out Of Triangle - UPDATE
Hello traders and investors!
Today we want to update our AUDJPY chart from February 10, which is moving nicely higher as expected after we noticed a bullish running triangle formation in wave (B).
As you can see, AUDJPY is now in the strong rise, but it's also approaching projected 88-92 target area for wave (C). However, wave (C) is a motive wave and it should be completed by a five-wave cycle of the lower degree, so be aware of more short-term gains before it finds the top. Keep in mind that triangles suggest final continuation leg before reversals.
Trade well!
If you like what we do, then please like and share our idea!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Today we want to update our AUDJPY chart from February 10, which is moving nicely higher as expected after we noticed a bullish running triangle formation in wave (B).
As you can see, AUDJPY is now in the strong rise, but it's also approaching projected 88-92 target area for wave (C). However, wave (C) is a motive wave and it should be completed by a five-wave cycle of the lower degree, so be aware of more short-term gains before it finds the top. Keep in mind that triangles suggest final continuation leg before reversals.
Trade well!
If you like what we do, then please like and share our idea!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
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