Long term resistence area. Looking for downward pressure.
Extended corrective pattern. Wave 4 has ended, now wave 5, followed by small correction and another impulse down.
I identify this as a triangle within a large correction.
Expecting a drop soon as this correction overextended.
Sellers failed at 134.00. Market is holding buying pressure at the moment. I'm expecting buying pressure to push 136.00.
Stop Loss: 109.90 1st Target: 111.60 From what I have labeled. Wave A tends to equal C. If C is shorter than A, expect a strong move in the opposite direction. However, the X label countered the move downward and broke above the end of wave C. I found hidden divergence relating to wave 2 of A and larger trend X wave on the 1 hour time frame, indicating...
Buying pressure from this pair OANDA:AUDUSD . The 0.7490-0.7500 area would complete the AB=CD Pattern. I'm looking to take this trade after bearish confirmation only.