Short Term Elliott Wave View in AUDJPY suggests cycle from December 4, 2021 low has ended with wave ((B)) at 84.3. Internal of wave ((B)) unfolded as a double three Elliott Wave structure. Up from December 4 low, wave (W) ended at 82.43 and pullback in wave (X) ended at 80.25 Pair then extends higher in wave (Y) which ended at 84.32. Double three is a 3-3-3 structure where wave (W) and wave (Y) subdivided in 3 waves. In the 30 minutes chart below, we could see the subdivision of (Y) is in ABC zigzag. The chart shows wave B ended at 82.804 and wave C ended at 84.32.
The pair has now turned lower in wave ((C)). For confirmation of this view, pair still needs to break below wave ((A)) low on December 4, 2021 at 78.77. At minimum, we can expect a 3 waves down in the pair to correct cycle from December 4, 2021 low. Near term, down from January 6, 2022 wave ((B)) high, wave ((i)) ended at 83.705 and rally in wave ((ii)) ended at 83.88. As far as pivot at 84.32 high stays intact, expect pair to continue lower in 5 waves to complete wave 1. Pair should then rally in wave B to correct the decline from wave ((B)) peak before it resumes lower.
