AUDUSD-WAVE
Reminder: AUD against USD is following what i have drawn.
Note: I am not follower of Elliott Wave theory completely but I used mix theory with my own tactics.
The price falling sharply and non-rhythmic as previously moved, something is wrong in trend. For the next corrective wave prediction is plotted on the chart throughout A, B and C. waves.
AUDUSD Watch for Sell at topUpdate on the larger TF analysis from some time ago. AUDUSD had reversed from the bottom and shot straight up. We are now almost right at thetop of the Weekly Pullback channel and looking for a big reversal. Top of the trendline also lines up with 50% on Weekly TF. If we see a big push down, AUDUSD looking at previous lows again and potentiall the last wave 5 to come into the $0.60 area
(1h) Wait for confirmation! Then proceed to ride that pip wave. Trading is a game of probabilities, not certainties. The AUDUSD has been a headache for most Elliott Wave Theory traders. But we're about to get confirmation on whether we'll see an Intermediate or Minor Wave degree impulse or the beginning of the Primary Wave degree correction.
Sounds complicated? Let me simplify:
Just wait for the long candle stick that will either confirm the breakout or bounce from the 0.5's fib retracement. In case it does breakout, it will definitely retrace near the 0.618 fib retracement.
I've made a crude estimate of the dual possibilities by multiplying the odds of different fib retracements from different timespan (weekly, daily, hourly) wave structures. I've also placed in factor the good economic indicators from the US' economy released on this past week as it will surely have influence over the continued bullish movement for the DXY
AUDUSD WAVE COUNTHello, I am in this trade since 0.7400 looking at price action for two days now seems to comply with the Elliot Wave Theory. I think the 5th wave is a great signal and 0.7500 held as great resistance in the past...if it holds again it will form a head and shoulders pattern and most probably a new downtrend. Thank you