AUDJPY Short Term Elliott Wave Update 11.15.2015

Best reading of the Elliott Wave cycle suggests decline to 85.42 ended wave (4). From this level, pair has resumed rally in wave (5) as  a double three structure where wave W ended at 87.95, and wave X pullback is currently in progress. Internal of wave X is unfolding as a double three structure where wave ((w)) ended at 87.12, wave ((x)) ended at 87.68, and wave ((y)) of X is in progress towards 86.38 – 86.68 area. As far as wave (4) low at 85.42 pivot stays intact during wave X pullback, the pair is expected to find buyers from 86.38 – 86.68 area and has scope to resume higher to 88.6 – 89.1

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