AAXJ Long 11/30/23

AAXJ

The break of the wave iv of (c) of ((ii)) high at 64.86 indicates the likely completion of a zig-zag correction in AAXJ. The pattern displays a perfect corrective channel and ideal Fibonacci proportions. Downside should remain corrective against the wave ((ii)) low of 60.92 as price develops higher towards the wave (b) of ((ii)) high of 70.63 and the wave ((i)) high of 73.07.

Comment:

Since the confirmation of the completion of wave {ii}, AAXJ has progressively developed higher through the targets of 70.63 and 73.07 against 60.92 as originally forecast in November of 2023. Downside price action has remained countertrend while tracing out what appears to be a series of first and second waves. Price should continue to develop higher in wave {iii}