Hello traders and investors!
Today we want to update our AUDJPY chart from February 10, which is moving nicely higher as expected after we noticed a bullish running triangle formation in wave (B).
As you can see, AUDJPY is now in the strong rise. But it’s also approaching projected 88-92 target area for wave (C). However, wave (C) is a motive wave and it should be completed by a five-wave cycle of the lower degree, so be aware of more short-term gains before it finds the top. Keep in mind that triangles suggest final continuation leg before reversals.
Elliott Wave Analysis: AUDJPY Broke Out Of Triangle – UPDATE by ew-forecast on TradingView.com