Beginning of the AJ Bull's END?!

Here I have AUD/JPY on the Daily Chart!

Beginning in March of 2020 to what seems to be the new High @ 109.372 in July of 2024, we have seen the end of the 5th Wave of Elliot's Impulse Wave!

With Prices steep decline to the new LOWER LOW @ 99.209, knocking out the Low of June and Testing the Low of May, these are the conditions needed for what could potentially turn into a Correction Wave!!!

The Sellings have BEGUN!

-You can see that the RSI after this enormous drop in price Breaking Lows ( Structure) is now operating under the 50 mark & Oversold!

-The BB Trend is now printing Red Bars showing signs of Bears in the vicinity!

Where might Price go??

-If 99.209 is our True Lower Low we will be working with, I suspect price will make a STRONG retracement!

*Potential Retracement Levels*
( 103.091 - 103.691 ) - Golden Zone
( 104.291 - 105.490 ) - 50% / 38.2%

-Fundamentals-
*Uncertainty of BOJ decision mixed with the suspected COOLING of inflation on AUD may be just the catalyst we need to see this pull off!

AUD - CPI q/q & y/y - Tuesday, July 30th
JPY - BOJ Policy Rate - Tuesday, July 30th