AudUsd: Looking For Shorts

FX:AUDUSD   Australian Dollar / U.S. Dollar
102 4 4
Comments on the chart. It not quite there yet though
Comment: The (c) level is still intact and as long as it is I will keep looking down. The proposed (e) wave can complete anytime now
Comment: A bit of weakness seen today. However it is too soon to call the end of wave e and a turn down for a move towards .6900
Comment: I think wave (e) has completed. If my idea is correct price should go all the way to the beginning of the triangle structure. So .6900 here we come. I would not like to see a close above .7321.
Hello again Olu,
Just wondering here.
Does the proposed wave 4 contracting triangle abcde look big enough in size or time, to be similar to wave 2 abc ?
Maybe this is wave 4 of 3 (the big wave in the series) ?
Olu johnm600
Thanks John. The implication of your scenario is dire for the audusd. Can you post a chart to show your alternate idea or big picture?
Hello Olu,
Looks like you have picked the triangle nicely.
In the bigger EW picture I wonder if you agree with me ?
2011 to May 2013 ???
to Aug 2013 wave 1
to July 14 wave 2 abc
to Sept 15 wave 3
to 24 Dec 15 wave 4 abcde
now in wave 5 = wave 1 so I expect about 0.6 as the end.
Olu johnm600
Your target looks good. However according to EW we are in wave 5. This move down may not be a steep and strong as wave 3. I count everything below .6400 a bonus
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