EURAUD - LONG IDEA

Possible long idea on EURAUD.

We could currently be at the end of Wave B within a Wave 4 corrective pattern. (Wave 2 was a Flat pattern patttern, so the alternation rule make it a zigzag for wave 4)

Wave A would be a Leading diagonal with a deep Zigzag correction as Wave B.

As we can see see on the chart. Wave C of wave B is an ending diagonal that is 1,618% the lenght of Wave A.

The end of Wave C to complete the Wave 4 pattern should be above the end of Wave 1.

This idea is valid unless the market goes lower than the previous low at 1,55942.

*This is not any trading advice, only my own opinion about the market*

Trade closed manually:

Will be waiting on better price action. Or end of Wave 2.

Trade active

Comment:

Here are some details about what is going on:

End of Wave 2 (Wave 1 was an ending diagonal)

*If EURAUD goes under 1.56150, the setup isn't valid anymore*

Comment:

EURAUD seem to be doing another Wave 1 and 2 on lower timeframe. It means that the push should be very good if the market doesn't break below 1,56150.

*I know that on some broker yesterday at the market open there have been a liquidity trap but if you are looking on OANDA the analysis is still valid.*

Comment:

Final possible scenario for this analysis to be valid:

Trade closed: stop reached:

New idea posted with a new Eliott Count!