EURAUD - LONG IDEA

Here is a short term long idea on EURAUD.

This is a countertrend idea so it's risker than just waiting the potential end of C wave.

The way to trade this setup is actually waiting a Wave 1 to form and buy and the END of Wave 2. (the corrective wave)

We seems to be in a Wave 4 correction (which should be a FLAT, because Wave 2 has been a ZIGZAG pattern).

Wave A : Complex WXY correction compose of double zigzag.

Wave B : Simple Zigzag with a Flat B wave within that B wave.

Wave C : *SHOULD BE* a 5 wave pattern has shown on the chart.

Again, countertrend trade are always risker and should be taken with extra confirmation. Waiting for a end of wave 2 with a clear count is NECESSARY in order to take this trade. So for me, this trade is not ready yet but could give us a great entry in the coming days for a short term uptrend before the downtrend continuation.

This scenario could also never occur and the downtrend could just keep going from where the market currently is.

I will update this analysis when I will believe the Wave 2 will be done.

Comment:

So the price been moving toward our sell level, but to be honest, I am not able to fully convince of the buy scenario currently.

I will be waiting to get a clearer view, otherwise I will just be waiting for the sell scenario to happend and give me a safer trade.