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AUDJPY Elliott Wave Analysis Trading Lounge 4 Hour  Chart,12 October 23

Australian Dollar / Japanese Yen(AUDJPY) 4 Hour Chart

AUDJPY Elliott Wave Technical Analysis

AUDJPY Elliott Wave Technical Analysis

Function: Counter Trend

Mode: corrective as red wave 2

Structure: red wave 2 of 3

Position:  Black wave C

Direction Next lower Degrees: wave (3 of C)  

Details: red wave 2 of 3 is still in play and near to end between fib level 61.80 to 78.60. After that, red wave 3 of blue wave 3 will start. Wave Cancel invalid level:96.934

The AUD/JPY Elliott Wave Analysis for 12 October 23, focuses on the Australian Dollar/Japanese Yen (AUD/JPY) currency pair, providing insights using the Elliott Wave theory on a 4-hour chart.

This analysis primarily serves as a "Counter Trend" function. Counter-trend analysis is essential for traders who aim to identify and exploit potential market reversals or corrections against the prevailing trend. Understanding counter-trend movements can help traders make informed decisions during corrective phases.

The mode of analysis is "corrective," which indicates a detailed examination of corrective wave patterns within the Elliott Wave framework. Corrective waves are critical for traders as they often precede trend reversals, making them significant points of interest.

The structure being analyzed is "red wave 2 of 3." This signifies an in-depth evaluation of the second wave within a larger Elliott Wave sequence. The analysis of wave 2 is crucial for traders as it provides insights into potential price movements and trend reversals.

In terms of market direction, the analysis indicates that "red wave 2 of 3" is still in play and is expected to end within the range of fib levels 61.80 to 78.60. Understanding the potential termination point of a corrective wave is essential for traders looking to time their entries and exits effectively.

The "Wave Cancel invalid level" for this analysis is identified at 96.934. This level serves as a reference point for traders to assess the validity of their trading strategies and manage risk effectively.

In summary, the AUD/JPY Elliott Wave Analysis for 12 October 23, offers insights into the ongoing corrective phase within the Elliott Wave framework. Traders should closely monitor the progression of red wave 2 of 3, especially within the specified Fibonacci level range, as it may provide trading opportunities. This analysis is valuable for traders navigating the complexities of the AUD/JPY currency pair, particularly in the context of the corrective wave patterns currently in motion.

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