AUDJPY Analyze- 9 PM (TH)- 01/06/2021
We are in the wave of the second set of non-standard small x of wave x3
OR Wave A of x3
Which the price is forming last wave v of wave A
and in a deeper degree, it is wave (iv) of wave v
Where are we?
x3 - A - v - (iv)
Plan to trade for tomorrow
1. Wait for wave iv to retrace at red resistance horizontal line at 38.2% or...
Price on Thursday rally up to 1.23082 and follow by the sharp downward move, this one causes me some money but it's fine ahaha, because if the trend really changes there is more room to trade.
From the book called " Mastering Elliott wave by Glenn Neely" - The degree of the next wave must retrace 1/3% Fibonacci of the previous wave which is 1.20726 but normally...
Wave (b) of B disclosed that it's not yet finished. Wave 5 is moving up bring the price to around 1.35744
if the price choose the downward direction, it means that wave 5 is finished but this case is rarely happened referring to
degree of time.
For the market to choose a direction. The upside is small. Don't rush!
"Money is made by sitting, not trading."