contracting triangle before the bell, After the RBA surprise decision not to cut the cash rate 25 basis points last night the market imminently reversed. The inherent market structure suggests a w x y correction in which wave w is a 5-3-5 zig-zag
and wave y is a contracting triangle which would confirm to the rules of alteration under Elliott wave
. The fibs also are numerically in range. Stop is currently a 93.95 any trading above that level would null in void a impulse leading diagonal
count from the previous swing low. The risk adjusted return is far above the median 3.1 avg as downside targets are into the 93.00-92.50 area with our risk at 28 pips.