AUDJPY painting an ABCDE ? bull/bear entry zones to watch on AJ
This plot is to study the behavior of a possible ABCDE correction.
AJ appears to have finished a 5-wave impulse and is correcting.
The A,B,and C waves thus far do not fit the structure of a simple ABC (5-3-5).
It seems more like a 33333 structure of an ABCDE, and thus far forming a channel.
Fundamentally, the overall risk sentiment has massive influence on this pair.
Equity markets have been dipping which would bring this down.
But I am thinking stocks will mount a bounce early this week, and then continue downward.
Thus the fundamentals and timing also seem to fit the pattern I am imagining.
But of course, lets see how this goes, clearly no trade right now - it is in no-man's land.
When price approaches either of my zones, I will consider a trade if fundamentals indicate a direction.
AJ appears to have finished a 5-wave impulse and is correcting.
The A,B,and C waves thus far do not fit the structure of a simple ABC (5-3-5).
It seems more like a 33333 structure of an ABCDE, and thus far forming a channel.
Fundamentally, the overall risk sentiment has massive influence on this pair.
Equity markets have been dipping which would bring this down.
But I am thinking stocks will mount a bounce early this week, and then continue downward.
Thus the fundamentals and timing also seem to fit the pattern I am imagining.
But of course, lets see how this goes, clearly no trade right now - it is in no-man's land.
When price approaches either of my zones, I will consider a trade if fundamentals indicate a direction.
Note
That might be about done for London Session. 
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the Golden Ratio is my Religion
the Trading View is my Nation
the Moderator Tag is my Flag
the Trading View is my Nation
the Moderator Tag is my Flag
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.