AUDJPY: EW Five Wave Extension or A Wave Correction
It looks as though there is a correction coming on the AUDJPY. Here is why I believe it to be a potential short
1. It's currently on the fifth wave, in a triangle. Looking for it to climb a bit more (to 86.478) touching the top of the triangle. IF not, I think it'll start breaking at the historical resistance at 86.697
2. RSI is hovering overbought
3. If you zoom out, you will see that the pattern is also on the final push of a Gartley Pattern with great fibonacci confluence around the .500. This could mean that this will go down a significant amount.
Keep an eye on this though because there is potential for it to continue this uptrend and push through the triangle and other resistances.
1. It's currently on the fifth wave, in a triangle. Looking for it to climb a bit more (to 86.478) touching the top of the triangle. IF not, I think it'll start breaking at the historical resistance at 86.697
2. RSI is hovering overbought
3. If you zoom out, you will see that the pattern is also on the final push of a Gartley Pattern with great fibonacci confluence around the .500. This could mean that this will go down a significant amount.
Keep an eye on this though because there is potential for it to continue this uptrend and push through the triangle and other resistances.