Ldog_McG

The power of reciprocals

Short
FX:AUDUSD   Australian Dollar / U.S. Dollar
short to 0.80 then long again

wave II retraced 0.618 of wave 1 --> reciprocal of 0.618 is 1.618 (around which we saw the completion of wave III)
wave IV retraced 0.382 of wave 3 --> reciprocal of 0.382 is 2.618 (around which we saw the completion of wave V)


wave V has an obvious 5-wave sequence which comply with Elliot wave rules - the wave 2 of wave 5 is a flat correction , and wave 4 of wave 5 is a deep correction, (wave 3 isn't the shortest and the terminal of wave 4 doesn't exceed the high of wave 1.