So unlike my usual style, I'm going to ask you to NOT pay attention to the MAIN chart above just yet. Go back to it after you have read this whole post. OK? I promise you that you'll understand my perspective better this way. So below, you will see my WEEKLY chart focused on the wave count. The recent lows I believe was just the end of a long and powerful wave (3). Yes, on a SUPER LONG TERM perspective, I have maintained all along that this pair still has a LONG way down to go. So if that was the end of wave (3), then what stands to follow is a wave (4).
Below is the . Remembering the wave count from above, on this chart, from the end of the wave (3), the next move which should be a corrective pattern could be starting out with a expanding triangle in the wave A of the ABC wave 4. Don't pay attention to the "Advanced Study Bat". We will need to see where the E point of that expanding triangle will end first before we can more reliably project a pattern.
Ok, so now you look at the MAIN chart while I describe what's going on. The D leg of the larger expanding triangle also has it's own expanding that seems to have been completed. So now prices look to be poised to ascend in the E leg of that larger expanding triangle. Prices (as of the time of this post) has not broken above the upper TL of the D leg expanding triangle yet and I am thinking there will be another small rejection again sending prices back down for a bit low enough to form the right shoulder of a possible pattern. After forming the right shoulder, prices will then take off!
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I would think the AUDUSD will go to test the bottom of the low of the trading range, creating a double Bottom, before it breaks the upper triangle
I was wrong and not discipline. But the position size covers me. So, I was saved.