AUDJPY decline from wave 3 high took the shape of Elliott Wave 3-3-5 sequence known as Flat Pattern. This pattern is a corrective pattern and it is in the position of wave 4 in AUDJPY's case.
Both Wave 2 and 4 follow EW alternation guidelines.
Wave 2 was a sharp and deep correction (retraced 78.6% of wave 1) and Wave 4 correction is a sideway and retraced 38.2 of 3 so far.
If this count is correct, the price should head higher in wave 5 to complete the five-wave impulse sequence.
Other confluence:
Price is rejecting the H4 order block that is lined up with H4 200 EMA.
What's your view on AUDJPY? Let me know in the comment.
Both Wave 2 and 4 follow EW alternation guidelines.
Wave 2 was a sharp and deep correction (retraced 78.6% of wave 1) and Wave 4 correction is a sideway and retraced 38.2 of 3 so far.
If this count is correct, the price should head higher in wave 5 to complete the five-wave impulse sequence.
Other confluence:
Price is rejecting the H4 order block that is lined up with H4 200 EMA.
What's your view on AUDJPY? Let me know in the comment.