Still in an uptrend Audusd gives us a nice opportunity to add a position to our long or for those who didn't enter earlier, to jump in. Price is obviously in a corrective structure having already completed wave a and b of an abc corrective pattern. If it continues going south besides of compliting abc pattern we will also have two more harmonic patterns...
Market have completed Elliott wave correction wave c of bigger correction ABC. Now Im looking for optimal short entrance into last bigger correction wave C. My trade plan: 1. market will possibly reach the Monthly resistance zone (it is cluster zone of Fibonacci levels, Volume profile, support / resistance and pivot point levels). Im waiting for good PA trend...
Looking over the AUDCAD the daily has broken through a trend line resistance. The 4 hour shows a classic 5 wave structure. It would be reasonable to expect a break at the top of this wave 5 as I see it into a corrective pattern. On a shorter time frame I will be looking for long setups until this wave 5 trend line has broken through. This is for my trade...
As you can see the Gartley pattern has completed and in the process I have also identified the 1-5 elliot wave. I am now expecting the correction waves to begin based on price action. There is a potential for price to retrace from the completion of A-B around the 50%-61.8% fib levels before heading further down to the 1.27 Extention towards the 0.7150. Targets...
Opportunity to join the major trend by selling at a pullback. Lets see how it unfolds and gives us opportunities in coming days.