AUDUSD Plays

This could also be in play at the same time:

^We may be in an elliot wave.

We may be experiencing a small pullback down to the lower channel line.
I've changed it to a continuation of the corrective phase (most likely). Especially at the market close where there may be some closing of long positions.

***Keep in mind:
Channels usually turn into trading ranges. And since Christmas is almost upon us, trading volume and activity is decreased as a lot of people are on their holidays.
Even if the market bounces up off the channel line, price may or may not use the previous high as a resistance level to continue in a sideways market/trading range.

We closed the week with a break and close of that blue channel line. Appears as though we are still correcting and I believe we'll be travelling down to the lower red channel line.

While traders run their mark ups over the weekend, the bulls will have that spot marked as a buy zone. Hence they will wait until price reaches that spot, therefore price will act like a magnet to that area/channel line.
UNLESS, we see a gap up on the open for whatever reason.

Keep in mind that going into the future, we may see a trading range, especially with the Christmas period and lighter activity/trading volume.
*Channels usually turn into trading ranges.
And if the C leg ends down where marked, shows a relatively deep pullback. Can you picture out how this can turn into a trading range eventually? Especially if the previous, most recent highs are turned into a resistance point.
Keep these in mind, don't have a strong bias, be fluid and ride with the market, wherever and however high up it wants to go.
Be like water and adapt, as Bruce Lee would say.

"Empty your mind, be formless, shapeless — like water. Now you put water in a cup, it becomes the cup; You put water into a bottle it becomes the bottle; You put it in a teapot it becomes the teapot. Now water can flow or it can crash."

FYI: I've got to adjust my bottom red channel line xD

2 bottom red channel/trend lines.
Price can go to either.
If it goes to the closer one, then we may see a lot of bouncing price action (especially if that previous high has strong resistance, OR it could continue higher.

If price falls to the bottom red channel/trend line, then we have a higher probability of this turning into a trading range.

Gapped down on the open. Consider it like a spike down.
Looking for those failed reversals and possible further short moves down to the bottom trend line at minimum.

However bear in mind, as stated previously, if price continues climbing up from this trend line then we may even see higher highs. It all depends. Different potential scenarios for different situations.
That previous resistance point at the previous high is an important area to look out for in terms of creating a trading range area.

30 Min, Bull bars in reaction to that up-trend line.
Could possibly reach previous high and even breakout.

Possibly downtrend continuation here on 15 min.

We're going up. Target at MINIMUM at the previous high.

New look / Re-draw

In an ABC correction in my opinon. Where this final C leg ends, we shall see. The depth of this pullback will also give indication of the strength of the next impulsive leg up.

Red box showing the most recent correction phase. That B leg up is allowed to go slightly above the high of the impulsive leg up.

I believe the resumption of the trend will begin again.

If so, shallow retracement, potential some bigger moves.
May also see this:

Impulsive completed. Back to corrective phase.

Tapped off upper trendline for correction

Also, we are in a reversal zone for the 4 hour time frame. Want to see what the next 4 hour candle has in store for us.

Possibly the end of the correction once this 5 minute candle ends bullish. A higher probability of continued higher prices.

Looking for next plays. There's a possibility that we are in a correction, granted there's follow through moves from the bears. However if there's not, still has validity to conttinue up.

Blue uptrend line is holding well so far and bulls keep buying. Let's see how strong resistance is up in these levels and the fight with the bulls. Need a good reversal signal. I must leave the house for the time being but will be on later.

Looks like we are undergoing a correction or possibly even a reversal.
Smaller time frame and next Higher time frame view.

Within 4 hour reversal zone.
Double topped and rejection. Bears showing force.
Good reversal signal.

30 minute consecutive bear candles.
Looking for price to go down to the blue, lower channel line at least.

Channel looks like it's holding.

Another LONG leg incoming imo.

Also we could even start forming a trading range soon.

A possibility of breaking below the channel and forming this trading range. Possible Indecision between bulls and bears here.

Turning into a trading range. Indecision. Balance. Bulls and Bears confused.
No clear conviction.

I believe we are in a Trading Range.

And a potential for further shorts but i'm swaying more with the trading range.

Yes we are in a trading range.