Hello TradingView community,
In the AUDUSD pair, we have observed a fascinating development on the 15-minute chart using Elliott Wave analysis. The price action completed an impulse pattern through waves 1 to 5, followed by a corrective move that appears to be shaping up as an ABC correction.
We're currently witnessing wave 'b' nearing its end at a Fibonacci retracement level of 0.645 (65.38%), suggesting an imminent start of wave 'c'. This wave typically extends beyond the end of wave 'a', providing a great short opportunity. The target for wave 'c' is projected at the 1 Fibonacci extension level of 0.65096 and potentially as low as the 1.618 extension at 0.64917.
For traders considering a short position, it would be prudent to enter near the current levels, placing a stop-loss above the recent high of wave 'b' for risk management. This setup could offer an attractive risk-reward ratio given the anticipated decline.
Please ensure to monitor the trade closely and adjust your stop-loss and take-profit levels as the market evolves. Proper risk management and adherence to your trading plan are crucial, especially in such fast-moving environments.
In the AUDUSD pair, we have observed a fascinating development on the 15-minute chart using Elliott Wave analysis. The price action completed an impulse pattern through waves 1 to 5, followed by a corrective move that appears to be shaping up as an ABC correction.
We're currently witnessing wave 'b' nearing its end at a Fibonacci retracement level of 0.645 (65.38%), suggesting an imminent start of wave 'c'. This wave typically extends beyond the end of wave 'a', providing a great short opportunity. The target for wave 'c' is projected at the 1 Fibonacci extension level of 0.65096 and potentially as low as the 1.618 extension at 0.64917.
For traders considering a short position, it would be prudent to enter near the current levels, placing a stop-loss above the recent high of wave 'b' for risk management. This setup could offer an attractive risk-reward ratio given the anticipated decline.
Please ensure to monitor the trade closely and adjust your stop-loss and take-profit levels as the market evolves. Proper risk management and adherence to your trading plan are crucial, especially in such fast-moving environments.
Trade closed manually
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