AUDUSD has been dropping in a strong downtrend as of late. But it has stalled and now looks poised to turn back around. But when it does turn, what does that mean? The main trend is still up. Not down as AUDUSD has been in a large correction of the larger degree main downtrend for the past months. Is the correction done? Or is there more upside to go in AUDUSD?
Here is the chart of the trade I posted to my members yesterday for the BUY trade I recommended:
In the main chart above, you can see that prices did drop, hit my MAJOR (H) SR structure and reversed. It also completed a and also reached the pattern profit target. There is also divergence in the . This is all price action that I expected to happen. So I told my members to take the trade. Now looking for prices to move up in wave (B).
If you want to know why I see this recent drop as a wave (A) and why I am expecting a wave (B), see my FULL ANALYSIS long term outlook post. Get it here: http://goo.gl/SxB0ed (Free post. No subscription required)
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!
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