AUDJPY 4 HR Elliott Wave Count
The AUDJPY 4 Hour Elliott Wave Count from the blue circle x at 84.54 looks to be tracing out an ABC Flat Correction.
Price Action traced out a a 3 wave move lower for the (a) wave down to support around 80.50. This was followed by a 3 wave overlapping correction for the (b) wave.
Since the (b) wave high price action has traced out a nested i-ii, 1-2 with a third 1-2 not labeled. The AUDJPY had a nice spike down lat in the week for circle 3 that may finish near the 200% extension at 80.21.
Early in the week we should see a bigger test of the support area to finish the third wave that will be followed by a 4th and 5th wave for iii.
I will be looking for a bounce from the round number 79.00 to retest the broken support for the wave iv that will be followed by wave v.
Please visit the links below for a look at the Weekly, Daily and 1 Hour Elliott Wave Counts.
08/06/18
From an Elliott Wave prospective there are about a million things that could be going on with this count. There could be a triangle here for a Y wave that does not see new lows. We could have a triangle that does see new lows. Since the move down from the 84.54 highs is in three wave we could have a Leading Diagonal starting to play out. I am going with lower until the pair breaks and holds above 84.54 to prove me wrong. As I mentioned in the weekend video along with many of the post, I think we could see 76.00 yet before higher.
Price Action traced out a a 3 wave move lower for the (a) wave down to support around 80.50. This was followed by a 3 wave overlapping correction for the (b) wave.
Since the (b) wave high price action has traced out a nested i-ii, 1-2 with a third 1-2 not labeled. The AUDJPY had a nice spike down lat in the week for circle 3 that may finish near the 200% extension at 80.21.
Early in the week we should see a bigger test of the support area to finish the third wave that will be followed by a 4th and 5th wave for iii.
I will be looking for a bounce from the round number 79.00 to retest the broken support for the wave iv that will be followed by wave v.
Please visit the links below for a look at the Weekly, Daily and 1 Hour Elliott Wave Counts.
- Weekly AUDJPY Elliott Wave Counts
- Daily AUDJPY Elliott Wave Counts
- 1 Hour AUDJPY Elliott Wave Counts
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| AUDJPY 4 HR Elliott Wave Count |
08/06/18
From an Elliott Wave prospective there are about a million things that could be going on with this count. There could be a triangle here for a Y wave that does not see new lows. We could have a triangle that does see new lows. Since the move down from the 84.54 highs is in three wave we could have a Leading Diagonal starting to play out. I am going with lower until the pair breaks and holds above 84.54 to prove me wrong. As I mentioned in the weekend video along with many of the post, I think we could see 76.00 yet before higher.
 |
| AUDJPY 4 HR Elliott Wave Count |
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Elliott Wave Theory is a method of technical analysis that looks for recurrent long-term price patterns related to persistent changes in investor sentiment and psychology. The theory identifies waves identified as impulse waves that set up a pattern and corrective waves that oppose the larger trend.
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