AUDJPY closing in on target
AUDJPY moved as expected although wave E undershoot. This is why trading structure is important so we don't miss a trade because of incomplete patterns. A wave 'E' very often undershoots or overshoots a triangle. Nevertheless my minimum target will still be the previous low. Once this low is in place I will be focusing on a major reversal that will break above 100.
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youtube.com/watch?v=HvmWTm4fcl8
timstuyts.com
facebook.com/timstuyts
youtube.com/watch?v=HvmWTm4fcl8
Note
To determine whether or not the bottom is in place, I will focus on the 1 hour time frame in terms of a 5 wave impulse higher or not. If we see a 5 wave impulse then the bottom is likely in place for a truncated wave 5 of higher degree.updates will follow because either way new trading opportunities will present them self soon.
Note
The AUDJPY might be unfolding in a bigger triangle than I first anticipated. I will closely watch this and update once things change.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.