AUDJPY closing in on target

24 May 2016

AUDJPY moved as expected although wave E undershoot. This is why trading structure is important so we don't miss a trade because of incomplete patterns. A wave 'E' very often undershoots or overshoots a triangle. Nevertheless my minimum target will still be the previous low. Once this low is in place I will be focusing on a major reversal that will break above 100.

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24 May 2016

Not

To determine whether or not the bottom is in place, I will focus on the 1 hour time frame in terms of a 5 wave impulse higher or not. If we see a 5 wave impulse then the bottom is likely in place for a truncated wave 5 of higher degree.

updates will follow because either way new trading opportunities will present them self soon.

30 May 2016

Not

The AUDJPY might be unfolding in a bigger triangle than I first anticipated. I will closely watch this and update once things change.