I have been following AUDJPY since late March after the pair came off a lovely 5 wave bear. I have been trying to find the start of the long bull run, but the pair is stuck in an ABC correction channel.
Looks like this pair is still stuck in the channel. I placed a pitchfork and the standard fork (in dark mauve) is too steep. It's not describing the trend.
Placing a schiff fork at exactly the same pivot points captures the current wave, but is still pointing the other way downwards!! Additionally, the daily stochastics are now starting to trend down again.
So we may be in for another down wave. If stochastics cross, I will go short and hopefully pick up the long bull run I have been waiting for.
I'm picking a target and hopefully after this short downswing, the bulls will have arrived.
Looks like this pair is still stuck in the channel. I placed a pitchfork and the standard fork (in dark mauve) is too steep. It's not describing the trend.
Placing a schiff fork at exactly the same pivot points captures the current wave, but is still pointing the other way downwards!! Additionally, the daily stochastics are now starting to trend down again.
So we may be in for another down wave. If stochastics cross, I will go short and hopefully pick up the long bull run I have been waiting for.
I'm picking a target and hopefully after this short downswing, the bulls will have arrived.
Interesting that it keeps pinballing between 88.6% fib extension of wave 5 and the top of wave 4 (100% retracement). Even in the last peak on the 19th went to 88.6% fib retracement.
This is more the intraday trader's paradise.