How do you determine that the ascending wedge has already been formed?
We share the same view as you. but we didn't see that wedge
Forexian
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@FXCM, Hi, thanks for your attention, usually I look at at least 2 factors, here we had 3 or 4;
1- It's about 61.8 area of retracement for the down move
2- We are touching the trend line on the channel shown on my chart
3- We had only one daily correction in the current up move, usually, they make at least a simple 3-wave correction
4- In MACD 4H there is a small divergence
transparent-fx
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I have this overall view on audjpy
Forexian
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@transparent-fx, Hi, thanks for your comment, it almost the same, but as AUDUSD was touching its trend line too, for this pair also was likely starting the down move right away
We share the same view as you. but we didn't see that wedge