Completely a 5 move elliot wave. Expect the ABC correction from the 78.6% Fibonacci level which aligns perfectly with the left shoulder of the head and shoulders pattern. Looking to ride it down to At least the -25% fib, but can see it dropping to that purple line which is the open of an institutional candle..
I believe EurAud will drop simply because it’s formed a lower low and a lower high on the daily timeframe, hence a bearish structure.
The reasoning behind my entry, is because there was a liquidity capture with that institutional candle (highlighted yellow candle), clearing equal highs (highlighted red ish).
The specific entries are at the body and 50% of that...
