I'm going short on AUDJPY based on the 30-minute chart. The Elliott Wave pattern indicates the completion of wave (5) and the onset of wave (a) correction. My target for wave (a) is the 0.618 Fibonacci retracement level at 105.897, with intermediate targets at the 0.5 level at 105.993 and the 0.388 level at 106.083.
The chart shows a clear impulsive wave pattern followed by a corrective wave, suggesting downward momentum. Entering at the current price level of 106.121, I expect a pullback to the indicated Fibonacci levels. The stop-loss is set just above the recent high of wave (5) to manage risk effectively. This setup provides a favorable risk-reward ratio for a short position.
The chart shows a clear impulsive wave pattern followed by a corrective wave, suggesting downward momentum. Entering at the current price level of 106.121, I expect a pullback to the indicated Fibonacci levels. The stop-loss is set just above the recent high of wave (5) to manage risk effectively. This setup provides a favorable risk-reward ratio for a short position.
Trade closed: target reached
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.