AUDJPY Short-term Elliott Wave Analysis 8.3.2016

Preferred Elliott wave count suggests that decline from wave X at 79.57 is unfolding as a triple three where wave ((w)) ended at 77.6, wave ((x)) ended at 79.51, wave ((y)) ended at 77.4 and second wave ((x)) ended at 78.18. Wave ((z)) is in progress with the internal unfolding as a double three where wave (w) ended at 76.97 and wave (x) bounce ended at 77.34. While bounces stay below 77.34, expect more downside towards 75.3 – 76.13 area to complete wave (X) and end cycle from 7/15 peak. We don’t like buying the proposed bounce.

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