Analyzing AUD/JPY on the 15-minute chart using Elliott Wave Theory, I observed that wave (5) marked the end of the recent upward move. Following this, wave (a) initiated a significant downtrend, and the recent upward correction formed wave (b). Now, I am expecting wave (c) to continue the downtrend. The potential targets for wave (c) are:
- 103.793, which aligns with the length of wave (a)
- 103.389, corresponding to the 1.618 extension of wave (a)
This setup suggests a short position on AUD/JPY, targeting these levels as potential take-profit points.
- 103.793, which aligns with the length of wave (a)
- 103.389, corresponding to the 1.618 extension of wave (a)
This setup suggests a short position on AUD/JPY, targeting these levels as potential take-profit points.
Trade active
Trade closed: target reached
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