Strong Breakout From AUD Weakness With Elliott Analysis

OANDA:AUDCAD   Australian Dollar/Canadian Dollar
As you can see after hitting strong resistance AUDCAD has turned around. We have also put in some nice wave structure patterns. With this breakout, I am expecting the third wave (if the count is correct) to shoot the market down to crush targets. I have entered at market with stops above the break out candle and targets at weekly support. The RR isn't great but the probability is. If you don't like the RR then wait for a retracement to get a better entry. However, since it is the third wave, there may not be a big pullback.

Good luck!
Trade closed: target reached: Easily hit targets after a strong downward move. A quick 1.1% in the account overnight :)


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