ORBEX: AUDJPY - End of Correction Nearing, Then Down!
It looks like the corrective intermediate wave is going to end soon. The recent attempt to push prices higher is most likely going to end with a minor C or Minor Y.
-Minor C:
a) The correction takes an A,B,C formation. That would see wave A undone as minute wave 5 is not yet completed and could take C anywhere between 75 and 78.45
b) The correction takes an A,B,C formation. That would see wave A ended at 71.80 and C at 74.50 high. This would allow the current upside wave to be a corrective one too!
-Minor Y:
a) The correction takes a W,X,Y formation. That would see wave W ended at 74.50 high and wave Y to complete anywhere between 74.88 and 78.45
b) The correction takes a W,X,Y formation. That would see Wave Wended at 74.50 high and Wave Y to form a more complex pattern (likey a flat) but still trade within the limits of a)
The current upside is part of the bearish intermediate wave, which could have prices sliding down to 61 long-term, 70 in the medium-term.
This opportunity would be invalidated above 78.50
Stavros Tousios
Head of Investment Research
Orbex
This analysis is provided as general market commentary and does not constitute investment advice
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