AUDJPY Short Term Elliott Wave Analysis 11.11.2015

Best reading of the Elliott Wave cycle suggests decline to 85.41 ended wave (4). From this level, pair has resumed rally in wave (5) as  a double three structure where wave W ended at 87.58, and wave X pullback is currently in progress towards 85.75 – 86.04 area. As far as 85.41 pivot stays intact during the pullback, the pair is expected to resume higher again to complete wave 5 towards 89 area. A break below 85.41 suggests the pair is doing a double correction from 10/12 peak and may open extension lower towards 83.65 – 84.4 area.

1AUDJPY 6020151110211418

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