WaveSavvyTrades

Rising Wedge + Plus Irregular Correction of wave 5 + RSI overbgt

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OANDA:AUDJPY   澳元/日元
The price of this symbol has been trending higher on the weekly chart in a wave pattern in a rising wedge/channel. At the moment price is doing an irregular correction of wave 5 and also currently in the resistance zone (August 2015 high). With price approaching the resistance of the rising wedge, and the resistance zone and the weekly RSI approaching the previous high of 75.44, I expect price to halt around the 92 mark (point B). If price reverses from this point (92.00), the target for an irregular correction is usually the start of the 4th wave which is in the price zone of 78.30-78.90. With this, I will be looking for a short around the 92 price point with a target of point "a").

Disclaimer: This is not a financial analysis, this is my way of sharing my trade ideas with the community and any decisions you make from this is entirely yours and has nothing to do with me.

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