Another shot at AUDUSD retracement back to mid 75's

Still we continue without a 38.2 retracement since 6th of January, it is not sustainable forever, but who knows when it will end. Earlier Wolfe Wave pattern was invalidated, but now we enter a triangle pattern with a potential to see that retracement.

Time for another small entry to build a position down to 0.75547.

Comment:

Stage 1 of that move is done, now we need that push below the up-trend line which might take a couple of knocks.

Comment:

While not invalidated completely, this retracement is a deep one. We could just be looking at another leg of the triangle before it breaks, and the bounce off the upper trend line hints at that.

Comment:

The triangle remains, you know I thought late week closing of positions may have seen us move through the bottom of this triangle, but with only the New York session left, it is looking unlikely to doing anything until next week.

From experience, don't be surprised to see a weekend gap open outside this pattern and retest it. Shorts remain on.

Comment:

Well there goes that, time to pull the plug and move on. I'll keep an eye out for more weakness as we still haven't seen that 38.2 retracement, but it won't be from this pattern.