#AUDJPY 4 HR Elliott Wave Update
Trade Thoughts - Still waiting for the a leg down to bottom.
Targets - 87.00
The a leg may have finally bottomed but price action has not confirmed it yet, Would like to see a series of higher highs and lower lows on a smaller time frame before getting to excited.
I did get in a long on ZULU Trade on the break of 82.89 but we have since made new lows. I am still in it cause I think we are near the bottom and I am targeting 87.00 to the upside so the Risk/Reward is still there.
Note that the RSI had been diverging since march and has now created an up channel. When price is try to top or bottom you will be able to see the RSI channel up or down as it diverges and trys to move higher with the stronger price action.
AUDJPY 4 HR Elliott Wave Count
|AUDJPY 4 HR Elliott Wave Count|