Bearish Elliott Wave Sequence in AUDJPY Suggest Further Downside
AUDJPY shows a 5 swing bearish sequence from September 2022 peak favoring further downside. Cycle from 2.15.2023 high is currently in progress as a 5 waves impulse Elliott Wave structure. This cycle is mature and expected to end soon. Down from 2.15.2023 high, wave 1 ended at 91.91 and rally in wave 2 ended at 93. Pair then resumes lower again in wave 3 towards 87.33 as the 1 hour chart below shows. Rally in wave 4 ended at 89.509 with internal subdivision as a zigzag structure. Up from wave 3, wave ((a)) ended at 88.719 and wave ((b)) ended at 87.37. Final leg wave ((c)) ended at 89.509 which completed wave 4.
Wave 5 lower is now in progress with subdivision as another 5 waves impulse in lesser degree. Down from wave 4, wave ((i)) ended at 87.115 and rally in wave ((ii)) ended at 89. Pair resumes lower in wave ((iii)) towards 86.04, and wave ((iv)) is proposed complete at 87.53. Near term, as far as pivot at 89.509 high stays intact, pair has scope to extend lower before ending wave ((v)) of 5. This should also complete cycle from 2.15.2023 high and then pair should see larger degree correction higher in 3, 7, 11 swing.
Wave 5 lower is now in progress with subdivision as another 5 waves impulse in lesser degree. Down from wave 4, wave ((i)) ended at 87.115 and rally in wave ((ii)) ended at 89. Pair resumes lower in wave ((iii)) towards 86.04, and wave ((iv)) is proposed complete at 87.53. Near term, as far as pivot at 89.509 high stays intact, pair has scope to extend lower before ending wave ((v)) of 5. This should also complete cycle from 2.15.2023 high and then pair should see larger degree correction higher in 3, 7, 11 swing.
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