Elliott Wave View: AUDJPY Starts a New Bullish Leg
Elliott Wave View in AUDJPY suggests the rally from March 19, 2020 low is unfolding as a 5 waves impulse Elliott Wave structure. Up from March 19, 2020 low, wave ((1)) ended at 78.46 and pullback in wave ((2)) ended at 73.14. Pair then resumes higher in wave ((3)) towards 85.81. Wave ((4)) pullback has ended at 82.1. Internal of wave ((4)) unfolded as a zigzag structure. Down from wave ((3)), wave (A) ended at 83.95 and bounce in wave (B) ended at 85.05 as shown on the chart below.
Wave (C) lower ended at 82.1 which also completed wave ((4)) in higher degree. Pair has turned higher in wave ((5)), but it still needs to break above wave ((3)) at 85.81 to rule out a double correction. Up from wave ((4)), wave ((i)) ended at 83.27 and wave ((ii)) ended at 82.77. Pair resumes higher in wave ((iii)) towards 84.15, and wave ((iv)) ended at 83.96. Expect wave ((v)) to end soon which should also complete wave 1. Afterwards, pair should pullback in wave 2 to correct cycle from June 21 low before the rally resumes. As far as June 21 pivot at 82.1 low stays intact, expect dips to find support in 3, 7, or 11 swing for further upside.
Wave (C) lower ended at 82.1 which also completed wave ((4)) in higher degree. Pair has turned higher in wave ((5)), but it still needs to break above wave ((3)) at 85.81 to rule out a double correction. Up from wave ((4)), wave ((i)) ended at 83.27 and wave ((ii)) ended at 82.77. Pair resumes higher in wave ((iii)) towards 84.15, and wave ((iv)) ended at 83.96. Expect wave ((v)) to end soon which should also complete wave 1. Afterwards, pair should pullback in wave 2 to correct cycle from June 21 low before the rally resumes. As far as June 21 pivot at 82.1 low stays intact, expect dips to find support in 3, 7, or 11 swing for further upside.
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