AUDJPY, new downtrend

Hi Traders,

Before getting into the analysis of AUDJPY let's check some news.

I'm running some free webinars and free seminars (see below). To register click the links below.

OCTOBER CALENDAR

• Monday 28 October - Free Webinar (8-9pm, Sydney time) or check the button (next free webinars) 

• Thursday 31 October - Free SEMINAR (6-8pm, Sydney time) or check the button (next free seminars)

All this powerfully organised & hosted by the mighty City Index in Sydney.

At the Seminar you will have a fair idea of "How to":

• recognise & label each wave properly
• predict the direction of new trends
• correctly identify the starting point of new trends
• determine targets
• identify Entry and Exit point in daily, 4-hour and 1-hour charts.

Your approach to trading will change forever. This is a chance NOT TO BE MISSED to get a true insight of Elliott Wave Trading. 

TO BE SURE THAT YOU GET YOUR SEAT call Richard Vatner +61(0)2 9270 3618 and mention "MDC" (Mario D. Conti) or leave a message. 

...

FINALLY

The trading account opened on 16/10/13 (where I place some of the trades I suggest):

New Equity: +$284.9

Unrealized: 0.00

...

THE ANALYSIS: AUDJPY, new downtrend

Hi Traders,

The AUDJPY (now at 93.60) just started a new downtrend that might take it to the area 91-90. This was triggered by a double top in the 1-hour chart. 

TARGETS

Likely: 92.12
Possibly: 91.66-90.90
Maybe: 90.00

ELLIOTT WAVES

The AUDJPY is still in a major uptrend as displayed in the weekly chart but the pair completed 5 minor waves that constitute wave 1 up (in blue). Hence, it started the correction wave 2 that should take it to 92-91.


NOTE: The "wave oscillator" just confirmed the entry in the 4-hour chart. However, there could be a pullback to 94-94.2. That should be your ideal entry point.

    

weekly chart - click to enlarge

daily chart - click to enlarge

wave oscillator over the daily chart - click to enlarge

4-hour chart - click to enlarge

wave oscillator over the 4-hour chart - click to enlarge

1-hour chart - click to enlarge 

wave oscillator over the 1-hour chart - click to enlarge