AUDNZD looks to be in a downward wedging pattern, at the completion of which i will be looking for a bullish breakout, however, in the mean time, a bearish 1-2-3-4-5 sequence looks to be taking shape. Wave 4 has set up nicely here in the form of an elliot wave triangle meeting all the rule requirements. This is an opportune time to open a short position here at the e wave of the triangle, anticipating a breakdown of the triangle pattern to the lower boundary of the wedge to complete wave 5.
Comment:
Still have a short position open here. Got an ideal entry at 1.049 so im holding onto it. The triangle structure in play is holding out much longer than expected. I'll close position with any breakout to the upside. Lets see