Tuesday, July 26, 2016

AudJpy: Will The Bulls Push To 83.7?

The chart below shows that price, since late November 2014, has gone on a long term correction- a double zigzag pattern. The second leg of the pattern is shown below.


After such a correction, one would expect a trendy move to start; whether of the same, lower or higher degree. A 5-wave motive move should be imminent.

Price seems to have completed the first 3 waves and the 4th wave is about to complete.In few weeks time, we can see price heading to 83.7.

The chart below shows the impending impulse wave more closely

If price is held above the rising trendline, there is a high likelihood the the bulls will drive price toward 83.7.

The 4th wave is a double zigzag pattern as shown in the chart below


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