Since Late 2001 lows@56 it has been moving sideways & 15 years have gone by in the range of 50 on lower side & upper side 109-110. It has traced a triangle & internally having 3 waves, each for circled waves.
Travelling in the final leg, which is ((E)) - wave which can travel in the zone 102-104 where it completes 61.8% of ((C))-Wave
Trading Strategy Once Swing Low 72.40 is taken out- It will start moving down. I shall continue this post for short term opportunities.
Current Pullback could be seen in the zone 83.50-83.60 - a 38.2% retrace below 84.88 & under 83 -can extend till 80.90-81.10 where it retraces 61.8% of the current rise. Later rise could be seen in the zone 90.75-91
Still waiting for 83.40-83.50 target zone -holding below or under 84.50- likely it travels atleast 83.40-83.50 & below 83 marks can extend to 80.90-81.10 zone.
Crossing above 85.50 & sustaining above that level - we will conclude that wave-((ii)) - a double bottom is in place at 84.55 which was a close 61.8% retracement of wave-((i)) high at 85.71 from 83.74 bottoms ending wave-4 & now moving in wave-5. Next above 85.50- shall be looking for wave-((iii)) in wave-5 which travels 161.8% at 87.75
Against 85.00-- Double Bottom we look AUDJPY positive going beyond 86.26 it will confirm & heads next for 88.50 where it travels 161.8% -still looking for an upside explosive move protecting 85.00 lows downside.
At 87.15 it travels same distance as wave-(i) if holds, then exit or sustained move above 87.15 shall take next to 88.50 where it travels 161.8% of wave-(i) shown below
Wow!!! - 87.07 was the high & turns down -current trading at 86.60-- Its amazing- Likely will should retrace the current rally from 85 to 87.07 by 61.8% before it resumes uptrend again
@AbhishekHSinghCMT Brilliant analysis brother....hats off....where everybody was shouting to short you said to long...:)
Trader_Dale
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Thanks for your great analysis!
Here is my view on AUD/JPY if you are interested:
Strong selling activity from 87.50 shows that strong sellers are present and that the long uptrend is now over. The market will be probably in wider rotation now and I will go short from 86.61 because this place was the beginning of the sell-off that started 2016-12-15.
If you are interested there are more Market profile swing and intraday analysis in my profile page. You are very welcome there!
Dale
Abhishek sir, Are you looking for long position now ?
WaveTalks
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@gulz, If you can hold with 116.55 that is critical level- as there could be upside move till 118.60--beyond 118.67 for 119.50's or trade safe wait for a break of 117.90 first & later to break 118.25 for upside targets.
WaveTalks
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@AbhishekHSinghCMT, sorry, the above reply was for UJ(USDJPY)
gulz
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@AbhishekHSinghCMT, For UJ, i'm waiting for the re-testing, if price action is good , planning to make long entry.
WaveTalks
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@gulz, Likely I am still looking down till 83.40-83.50 zone & not going to take long immediately.