Hello Fellow Trader!
AUD/CAD forming a 3-wave zigzag pattern which is generally labelled ABC with 5-3-5 sub waves. See picture below for an example.
The flag has now been broken and can enter short if it retests or once 50 EMA crosses below 200 EMA. AUD/CAD should then find the last of the wave towards the daily 200 EMA.
Key Points:
- Price holding below the...
EW labels as charted suggest an ABC is unfolding in a Zig-Zag corrective structure:
The 5-3-5 pattern is emerging, with the C wave 5-impulse remaining to fill;
Bear market rally 'B' wave has taken form of a WXYXZ 3-3-3 minute wave pattern, 3 counter waves each in turn consisting of 3 minute waves (minute labels omitted for clarity); the double topping ending...