Hello TradingView community! I'd like to share my latest trading idea for AUDJPY, based on my Elliott Wave analysis. The analysis points towards a sell opportunity, and here's my detailed breakdown.
My study suggests that AUDJPY has recently completed its bullish phase, typically characterized by a five-wave impulse pattern as per Elliott Wave principles. The conclusion of this phase often marks the onset of a corrective phase. From the wave patterns and current market behavior, it appears that AUDJPY is entering the early stages of a bearish correction.
I've noted that we've reached the peak of the fifth wave, marking the end of the bullish trend. We are now transitioning into the corrective A-B-C pattern. In Elliott Wave analysis, Wave A usually signifies a sharp decline, presenting a potential selling opportunity. My analysis suggests that we are at the beginning of Wave A, indicating a shift from bullish to bearish market sentiment.
Given these insights, I'm considering a short position in AUDJPY. The target for this trade is set around the end of the previous Wave 4, a common retracement point in Elliott Wave theory. This strategy is based on the expectation that Wave A will drive the price downward.
As always, remember to use Elliott Wave analysis in combination with other technical indicators and sound risk management practices. I'm keen to hear your perspectives and strategies on AUDJPY, so please share your insights in the comments section. Let's have a productive discussion!
My study suggests that AUDJPY has recently completed its bullish phase, typically characterized by a five-wave impulse pattern as per Elliott Wave principles. The conclusion of this phase often marks the onset of a corrective phase. From the wave patterns and current market behavior, it appears that AUDJPY is entering the early stages of a bearish correction.
I've noted that we've reached the peak of the fifth wave, marking the end of the bullish trend. We are now transitioning into the corrective A-B-C pattern. In Elliott Wave analysis, Wave A usually signifies a sharp decline, presenting a potential selling opportunity. My analysis suggests that we are at the beginning of Wave A, indicating a shift from bullish to bearish market sentiment.
Given these insights, I'm considering a short position in AUDJPY. The target for this trade is set around the end of the previous Wave 4, a common retracement point in Elliott Wave theory. This strategy is based on the expectation that Wave A will drive the price downward.
As always, remember to use Elliott Wave analysis in combination with other technical indicators and sound risk management practices. I'm keen to hear your perspectives and strategies on AUDJPY, so please share your insights in the comments section. Let's have a productive discussion!
Trade closed manually
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