As I delve into the AUD/USD chart with a 30-minute view, the dance of the Elliott Wave pattern unfolds before me. I see a complete five-wave sequence indicating a potential shift from the prevailing uptrend to a corrective phase that typically follows such a progression.
I'm currently witnessing what seems to be the commencement of the corrective wave A, retracing from the peak of wave (5). The anticipation is building for how deep this correction will run, and my eyes are particularly on the 0.618 level at 0.65194, which might offer a significant support as per Elliott Wave principles.
Should this level hold, it could act as a springboard for corrective wave B, which would typically retrace some of the ground lost during wave A. However, I'm acutely aware that if the 0.618 level fails to provide support, the correction could extend further, testing lower levels.
In my trading strategy, I'm preparing for these scenarios, ready to adapt to the market's narrative. I will continue to observe the development of these waves, seeking confirmation and confluence from other technical aspects before considering any trades. Risk management remains paramount, ensuring that my exposure is always calibrated to the unfolding market story.
I'm currently witnessing what seems to be the commencement of the corrective wave A, retracing from the peak of wave (5). The anticipation is building for how deep this correction will run, and my eyes are particularly on the 0.618 level at 0.65194, which might offer a significant support as per Elliott Wave principles.
Should this level hold, it could act as a springboard for corrective wave B, which would typically retrace some of the ground lost during wave A. However, I'm acutely aware that if the 0.618 level fails to provide support, the correction could extend further, testing lower levels.
In my trading strategy, I'm preparing for these scenarios, ready to adapt to the market's narrative. I will continue to observe the development of these waves, seeking confirmation and confluence from other technical aspects before considering any trades. Risk management remains paramount, ensuring that my exposure is always calibrated to the unfolding market story.
Trade closed manually
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