EURAUD - Preparing for a 700 - 1400pips fall !!!

Looks like we are in a flat correction, in the C wave of the extended B of the Flat.
C wave itself is composed of an Impulse wave.
Looking for it to end soon (if it did not already),

The impulse might be ending an extended wave 3, which means after a small wave 4 correction, price will carve it's way up for a fifth and last wave before giving us sell opportunities.

OR ALTERNATIVELY,

Price is finishing the fith wave, which means we can look for short opportunities.
BUT , wait for price to break the // channel first, giving more weight to the analysis.

*** For this move to be a flat, price needs to hold below 1.6758.

Note

Price now at heavy support, from trend line, resistance and 2 Fib levels.
Also, RSI oversold.
A turn might be coming...

Note

Price fell nicely for the Short trade, but no good break of the channel for now, so position was stopped with +140pips win.
I'd like to see price make a new high to confirm this fall as a wave 4.

*If it can't make that high, we might be in an zigzag correction, meaning this fall was wave A, so now we are in wave B, followed by a wave C lower, maybe outside the channel (giving possibly a false break) before going up again.
OR
** If no new high, this wall might be wave 1 of an impulse, meaning we are now in the flats wave C, composed by an Impulse down.

Trade active

Wave 3 was mispalced I think. By placing it at the yellow zone, we get an Ending Diagonal !!!
Wich means price will only go down from here.

** Position opened
- Entry : 1.6244
- Stop : 1pip above last high

Note

Wait for confirmation and short this pullback

Note

Taking some profits.
SL to 1.6051.
Trailing Stop for the rest of the road.

(4won - 1lost for the moment)

Note

Awesome trade with +614pips !
Take profits and wait for pullback to enter again.

Note

Target 1 Reached

ElliottWaveBelgium

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ElliottWaveBelgium

Don't forget to like, share and follow !

Questions? Chat or Comment on Ideas
Don't forget my public Telegram channel -
t.me/em16public

Thanks !

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