Fxprotrader
Short

AUDJPY@ Bearish AB=CD Completion in Key Resistance

FX:AUDJPY   Australian Dollar / Japanese Yen
Watching AUDJPY             closely we can see that price is testing a key resistance level where a bearish AB=CD pattern has been completed. Actually its waves represent the correction pattern abc of a 5 elliott wave cycle (circled numbers).

In addition we can see that at the same level we have an ABCDE corrective pattern completion (wave 4) of a larger 5-3 elliott wave cycle. Having that in mind we should see a final move to the down in order to have our 5th last wave. Our AB=CD pattern could trigger the beggining of that move.

Like and comment,
John
Hey mate; I more or less agree with you albeit I dont think you can count the ABCDE pattern above as your A-B leg is within your 5 count between the 2-3.

Aside from that, I also would like to mate note of the Alternative Bat pattern to help support your your AB=CD formation

Reply
Fxprotrader izogawa_trading
Thank you for your chart..!
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