GBPAUD @M15: finishing Wave 2 correction, prepare for Wave 3

As per my EW count, we are beginning W-5 that should take us at least to the 1.87 - 1.90 region.

We are currently undergoing W-2 correction, that has a confluence to finish in the 1.845 to 1.85 range. 3 confluence factors:

50% - 61.8% retracement from W1
123% - 161% extension for smaller degree W-a to W-b
Support in the 1.85 level

I´ll be waiting for reaction to this area, and completion of 3 minor waves down from 1.865 in order to enter a LONG trade to 1.87.

Note

Price has just entered the "sweet spot" for a bounce higher, which would start wave 3. Waiting for confirmation of a rejection of this area to enter a LONG trade.

We have RSI divergence on M15 timeframe, which is also an indication that the corrective move is near its end.

Trade active

And... a few minutes later, there´s the rebound

Stoic-Trader

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Stoic-Trader

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