AUDJPY Short Term Elliott Wave: More Upside Favored
Short Term Elliott Wave cycles suggests that decline to 76.75 ended wave (X). Rally from there is unfolding as double three where wave W ended at 82.46 and wave X ended at 80.23. Wave (Y) is currently in progress with the internal structure as a zigzag where wave (a) is proposed complete at 82.59. Near term, expect pair to pullback in wave (b) soon in 3, 7, or 11 swing to correct cycle from 11/11 low (80.23) before pair resumes higher. Potential area for wave (b) pullback to complete is at 81.1 - 81.4 area (50 - 61.8 retracement). We don't like selling the proposed pullback and expect pair to extend higher once wave (b) pullback is completed.
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