Elliott Wave Analysis & Forecast - AUDJPY - D1 - 1st September, 2022.
Today we choose the AUDJPY pair for analysis. If we look closely at the
daily chart above, we have taken the top level as a corrective triangle wave
which is completing in the form of red ABCDE.
C wave of red wave ABCDE has completed on March 15, 2020 which has
set its minimum level at 59.58. Then the next red wave
D started and is still in progress and its next and final ideal
target could be 100 where it is highly expected that sellers will enter it.
If we look at one step smaller wave, which consists of the blue wave ABC/. It is moving towards its ideal
target through its initial stages. Its blue wave
B/ has been completed on 28 January
2022 which has set its low at 80.36 and next blue
wave C/ continues towards its
target which will also complete the red wave D above it.
Blue wave ABC/ is completing
in the shape of the closing triangle, its initial four
red waves 1234 have been completed
and the last wave is also completing its closing stages.
The target for Blue Wave C/ and Red Wave D is not definitive but it can be said and there is a
strong possibility that its target will be close to 100. Once this target is achieved, we will see a strong
price drop to form new wave red E.
Trade Recommendations
Traders now wait for the price to lower and it could be a good buy at 94.50.
By keeping your stop loss below 93.50 and your ideal target around 100 you can
get a good risk and reward.
I just recommend paper trade to see what Elliott wave magic will happened and
do not recommend to trade with real money as forex is risky market and can take
all your money / equity.
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