We can see that WTI recently broke a Double Top. The next candle made a strong retracement back to a small support around 61.500 a barrel.
Ideally, we want this candle to close as a strong Bullish Candle to look for further moves to the upside.
Here we can see that AUDCAD has started to move into two converging lines forming a Symmetrical Triangle.
Wait for a break of this pattern for a potential move. This could happen as we approach the UK open.
Within an Elliott Wave Cycle. Currently, it seems that we have finished Wave 2 of Wave (v) after a 61.8% Fibonacci retracement of Wave 1 it made a strong move to the upside.
Using a Fibonacci Expansion, look for wave 3 to reach 100% to 161.8% of wave 1.
A strong downtrend creating a clean path back up. We can now see a Flat Top Trinagel being broken to the upside.
If it stays above 1.6200 Look for a Potential Target at about 1.67348
After 200 articles, it is time for me to hang the coat up and say goodbye. This will be my last article for BlackBull Markets, and I am glad to have had the opportunity to provide content for clients at BlackBull Markets.
We have been seeing a pretty normal Elliott Wave count on the AUDJPY until this morning.
After a complex Wave iv consisting of a Double Zig Zag sitting just above a 38.2% retracement of Wave ii, we started to see a move to the upside(shown with the light blue arrow). This was a good signal to indicate that Wave v has now started to form.
Taking into consideration that Wave iii was well over 161.8% of Wave i, we expect to see Wave v, be a similar length to Wave i
AUDNZD – H4 Timeframe.
Rejected the double top we were looking at yesterday after a break of a flat top triangle on a lower time frame.
If we can stay below 1.08270, look for moves to 1.05700!
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