Beginning of the AJ Bull's END?!
Here I have AUD/JPY on the Daily Chart!
Beginning in March of 2020 to what seems to be the new High @ 109.372 in July of 2024, we have seen the end of the 5th Wave of Elliot's Impulse Wave!
With Prices steep decline to the new LOWER LOW @ 99.209, knocking out the Low of June and Testing the Low of May, these are the conditions needed for what could potentially turn into a Correction Wave!!!
The Sellings have BEGUN!
-You can see that the RSI after this enormous drop in price Breaking Lows ( Structure) is now operating under the 50 mark & Oversold!
-The BB Trend is now printing Red Bars showing signs of Bears in the vicinity!
Where might Price go??
-If 99.209 is our True Lower Low we will be working with, I suspect price will make a STRONG retracement!
*Potential Retracement Levels*
( 103.091 - 103.691 ) - Golden Zone
( 104.291 - 105.490 ) - 50% / 38.2%
-Fundamentals-
*Uncertainty of BOJ decision mixed with the suspected COOLING of inflation on AUD may be just the catalyst we need to see this pull off!
AUD - CPI q/q & y/y - Tuesday, July 30th
JPY - BOJ Policy Rate - Tuesday, July 30th
Beginning in March of 2020 to what seems to be the new High @ 109.372 in July of 2024, we have seen the end of the 5th Wave of Elliot's Impulse Wave!
With Prices steep decline to the new LOWER LOW @ 99.209, knocking out the Low of June and Testing the Low of May, these are the conditions needed for what could potentially turn into a Correction Wave!!!
The Sellings have BEGUN!
-You can see that the RSI after this enormous drop in price Breaking Lows ( Structure) is now operating under the 50 mark & Oversold!
-The BB Trend is now printing Red Bars showing signs of Bears in the vicinity!
Where might Price go??
-If 99.209 is our True Lower Low we will be working with, I suspect price will make a STRONG retracement!
*Potential Retracement Levels*
( 103.091 - 103.691 ) - Golden Zone
( 104.291 - 105.490 ) - 50% / 38.2%
-Fundamentals-
*Uncertainty of BOJ decision mixed with the suspected COOLING of inflation on AUD may be just the catalyst we need to see this pull off!
AUD - CPI q/q & y/y - Tuesday, July 30th
JPY - BOJ Policy Rate - Tuesday, July 30th
Novi_FIbonacci
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