FullTimeTrader
Long

AUDUSD-prepared for 800 pips. Plan 1

FX:AUDUSD   Australian Dollar/U.S. Dollar
2674 35 41
According to my long term analysis this pair already bottomed.
If you know the personality of this pair when it starts rallying no one can stop it.
I think the rally already started. Price is making a shallow retracement now to strong level of S/R.
I will try to enter here or lower. It this setups fails it would be a small loss but i do no want to miss the big reward.
Best regards.
8 months down the line and this setup is still valid. Aussie has come a Long way.
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Thanks for this alternative count. I thought we are still in 4 of 5 of 5 down. Founded impulses in (1) and 1 of (3) and changed my count accordingly.
I think correction in 2 of (3) will be deeper my friend.
snapshot

If c=a of 2 then we can touch 61.8 of 1 of (3) around 0.71
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Hello, i know some traders considers this is a wave 4 of 5 down, i respect them. In such cases i prefer to make a deep study using other techniques as hurst cycle analysis, fundamental research and currency correlation (wich they not consider because they are strictly ellioticians), after that my conclusion is tha this pair already bottomed. I will only focus on longs from here or lower. Off course only the market will tell. Thanks for sharing your view.
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aibek FullTimeTrader
it turned out to be iv of 1 of (3) so 2 of (3) is still pending
snapshot
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aibek aibek
alternative count
snapshot
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aibek aibek
0.75973 (territory of 1 of C down) is invalidation for 4 in favor of upside impulse count
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hello, yes i keeping in mind both scenarios (we can neve be so sure). your first count is my prefered. One old elliotician told me the "personality" of this pair is having not very clear EW structures, i agree with him. regards.
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IvanLabrie PRO FullTimeTrader
I think the correction isn't done yet, seems like an impulse down and a zigzag up, so, one more impulse down?
Also, too little time if it's correcting the leg you label as a lower degree impulse after 1-2.
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FullTimeTrader IvanLabrie
Hello, could be for sure.But i decided before not to break my head with internal subdivisions. I'm not a "stricklty elliotician". As i said before im relying also on hurst cycle analysis, fundamental research and currency correlation. Thats why my prefered scenario is that this pair has bottomed.
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IvanLabrie PRO FullTimeTrader
Indeed, no need to go too nerdy with the wave count. But time is a factor I consider.
Also, the price action, that first leg down was quite forceful to end there.
I'll wait a bit more, NZDUSD seems ready to retrace but I don't have the guts to counter short it.
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