- D leg completion at 0.7326 -
Price is now approaching the B leg between 0.7184 & 0.7204.
If price can break beyond this B leg there is a strong probability we will get a D leg completion Friday/Monday.
Although advanced and are based purely of price action, we always should be cognizant of the US data which will be released tomorrow afternoon.
Potential targets are placed at the .382% and .618% retracement of the C to D move.
Stop loss has been placed above X leg .
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With this pattern the structure is important, but there is also Fibonacci confluence along with other indicators that I take into account.
I may not trade this pattern myself yet, it will all depend on how price respects these certain levels.
My opinion is that you are forcing the structure to fit, although I do not have an alternative to give you. Let me put it this way; when you draw these structures there is usually a small degree of error and deviation allowed which represents the approximate forms. With this big candle we can't move the A point at all and the whole structure relies on that one point being accurate.
I do think you are right with the price movement due to the other data, and I am shorting AUDUSD.