Beginning of the AJ Bull's END?!
Here I have AUD/JPY on the Daily Chart!
Beginning in March of 2020 to what seems to be the new High @ 109.372 in July of 2024, we have seen the end of the 5th Wave of Elliot's Impulse Wave!
With Prices steep decline to the new LOWER LOW @ 99.209, knocking out the Low of June and Testing the Low of May, these are the conditions needed for what could potentially turn into a Correction Wave!!!
The Sellings have BEGUN!
-You can see that the RSI after this enormous drop in price Breaking Lows ( Structure) is now operating under the 50 mark & Oversold!
-The BB Trend is now printing Red Bars showing signs of Bears in the vicinity!
Where might Price go??
-If 99.209 is our True Lower Low we will be working with, I suspect price will make a STRONG retracement!
*Potential Retracement Levels*
( 103.091 - 103.691 ) - Golden Zone
( 104.291 - 105.490 ) - 50% / 38.2%
-Fundamentals-
*Uncertainty of BOJ decision mixed with the suspected COOLING of inflation on AUD may be just the catalyst we need to see this pull off!
AUD - CPI q/q & y/y - Tuesday, July 30th
JPY - BOJ Policy Rate - Tuesday, July 30th
Beginning in March of 2020 to what seems to be the new High @ 109.372 in July of 2024, we have seen the end of the 5th Wave of Elliot's Impulse Wave!
With Prices steep decline to the new LOWER LOW @ 99.209, knocking out the Low of June and Testing the Low of May, these are the conditions needed for what could potentially turn into a Correction Wave!!!
The Sellings have BEGUN!
-You can see that the RSI after this enormous drop in price Breaking Lows ( Structure) is now operating under the 50 mark & Oversold!
-The BB Trend is now printing Red Bars showing signs of Bears in the vicinity!
Where might Price go??
-If 99.209 is our True Lower Low we will be working with, I suspect price will make a STRONG retracement!
*Potential Retracement Levels*
( 103.091 - 103.691 ) - Golden Zone
( 104.291 - 105.490 ) - 50% / 38.2%
-Fundamentals-
*Uncertainty of BOJ decision mixed with the suspected COOLING of inflation on AUD may be just the catalyst we need to see this pull off!
AUD - CPI q/q & y/y - Tuesday, July 30th
JPY - BOJ Policy Rate - Tuesday, July 30th
"An investment in knowledge will pay the best interest." - B. Franklin
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Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
"An investment in knowledge will pay the best interest." - B. Franklin
Novi's Trading Channel
t.me/+l3fTcsZu91ZiZDkx
Novi's Trading Channel
t.me/+l3fTcsZu91ZiZDkx
Publications connexes
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.