GBPAUD (Bearish Breakout) - 4h Chart
Updated
Confirmations for Elliott Impulse:
- 5 clear points
- 1 and 4 at same price (0.618)
- each retracement was confirmed with Trend-Based Fib Extension
Now after an Elliott impulse, there's always some type of consolidation, which is what we got with this bearish breakout.
I measured bearish breakout by placing 0.236 right below and we can see how it went straight for 0.886 -0.786 retracements and began bearish continuation, I expect to sell all the way to -0.27 (0.786 from elliott impulse at same price).
Good Trading. - 4h Chart
- 5 clear points
- 1 and 4 at same price (0.618)
- each retracement was confirmed with Trend-Based Fib Extension
Now after an Elliott impulse, there's always some type of consolidation, which is what we got with this bearish breakout.
I measured bearish breakout by placing 0.236 right below and we can see how it went straight for 0.886 -0.786 retracements and began bearish continuation, I expect to sell all the way to -0.27 (0.786 from elliott impulse at same price).
Good Trading. - 4h Chart
Note
Trade is activeI measured bearish flag by placing 0.236 right below flag and we can see how the top is at 0.618, now trade is bearish all the way to -0.27 (same area as 0.382)
This trade is going tu give us our first major retracement for 1h analysis.
Good Trading. - 15min Chart
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