EUR/AUD buyI am not interested in selling EA again yet. Called the sell at the top, and the buy from the bottom BTW, just not in here. I expect some further correction up. I removed all my trend fibs and simplified for clearer chart. I see more downside but expect another leg up before any bearish continuation. I feel like the current pennant that it is in on 1 hr is incomplete. A small move down and rejection from the zone below (see black ray line) would measure exactly equal to first leg of current correction and put price at .618 retrace of choppy, corrective, truncated diagonal down (at least how it looks now). Which would make perfect sense to me. That level would also be the 1.236 fib extension down from smaller corrective pattern as I have analyzed it. It's possible it could produce a nice setup that keeps going down but I doubt it without another push up. I want the buy for now. If dollar is bullish, considering Gold prices, Aud will drop harder than Euro, thus making even more sense for the EA near term buy. Then I want the sell, but I'm looking later on for that. Watch the video. I will try and update my other posts sometime before market open. Soon I will have my company and screen space up and going and will provide more timely entry points because it is all about that price action baby, but for now, these types of posts is all I can do.
Diagonals
Gold at the verge of a bullish move; Elliott wave analysis?The recent bearish move in Gold has seen price almost recovered the last gains. I think there is more room for price to rally further as the current dip looks corrective - a zigzag pattern. The last wave of the zigzag is a clear diagonal pattern. I am expecting a strong bullish move to break above the last high. If this wave count is correct, an even stronger impulsive bullish wave would be seen at least an a-b-c bullish correction.
If there is a breakout, my entry price will be 1281/2 and target will be at 1319.
It's important to note price behavior after the breakout and watch the pattern emerging. The zigzag mentioned above could also be a leading diagonal and the breakout rally a minor correction that will lead for more bearish move.
Anyways, I will consider a bullish trade for this and target 1:3 R/R while I adjust my stop loss as price makes new lows if it foes in my direction.