SMALL BUY FOLLOWED BY MAJOR SELL (ELLIOT WAVE)
MAJOR TIMEFRAME
For AUDUSD, in the major timeframe we seem to be doing a 5 wave/impulsive movement to the downside.Within that expected 5 wave movement we are currently in the 5th and final Wave. As we can see from the DAILY chart we seem to have completed Wave 4 with a Zigzag. Therefore now we will be focusing on WAVE 5 which would itself be unfolding in a 5 waves movement in the minor timeframe
MINOR TIMEFRAME
As mentioned above we are currently in WAVE 5 on the major timeframe. Within that major WAVE 5 we seem to be in its Wave 2. Wave 2 seems to be unfolding as a Zigzag corrective structure. We have completed the LEG A of the ZigZag which unfolded in a 5 wave movement and are currently in the proces of completing the LEG B of the Zigzag which should unfold in a 3 Wave Pattern. After the completion of LEG B we will see price shoot up to complete LEG C of the zigzag subsequently completing the Wave 2. Then we will look for MAJOR SELL for MAJOR WAVE 3 Usually the LEG C and LEG A of a Zigzag are about the same length
ENTRY
1.For my first entry I will be waiting for the price to go a little lower probably to around the 61.8% of the Fib level before taking a Buy order for the LEG C of the ZigZag. My TP for this would be the length of LEG A
2. For my second entry I will be waiting for the Zigzag to complete subsequently completing Wave 2. Then I will look to go for a Major SELL based on the Major timeframe WAVE 3. My TP would be set about 1.618 extension of Major Wave 1 to 2.
For AUDUSD, in the major timeframe we seem to be doing a 5 wave/impulsive movement to the downside.Within that expected 5 wave movement we are currently in the 5th and final Wave. As we can see from the DAILY chart we seem to have completed Wave 4 with a Zigzag. Therefore now we will be focusing on WAVE 5 which would itself be unfolding in a 5 waves movement in the minor timeframe
MINOR TIMEFRAME
As mentioned above we are currently in WAVE 5 on the major timeframe. Within that major WAVE 5 we seem to be in its Wave 2. Wave 2 seems to be unfolding as a Zigzag corrective structure. We have completed the LEG A of the ZigZag which unfolded in a 5 wave movement and are currently in the proces of completing the LEG B of the Zigzag which should unfold in a 3 Wave Pattern. After the completion of LEG B we will see price shoot up to complete LEG C of the zigzag subsequently completing the Wave 2. Then we will look for MAJOR SELL for MAJOR WAVE 3 Usually the LEG C and LEG A of a Zigzag are about the same length
ENTRY
1.For my first entry I will be waiting for the price to go a little lower probably to around the 61.8% of the Fib level before taking a Buy order for the LEG C of the ZigZag. My TP for this would be the length of LEG A
2. For my second entry I will be waiting for the Zigzag to complete subsequently completing Wave 2. Then I will look to go for a Major SELL based on the Major timeframe WAVE 3. My TP would be set about 1.618 extension of Major Wave 1 to 2.
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