We are in a higher degree wave 2 correction composed of an ABC correction. Wave A was successfully traded to the upside and we remained on the bench for wave B down. Wave B got a bit compilcated as it is an Expanded Flat correction (that's why it's not a good idea to trade against the trend).
We are now in the last moments of a 5 waves move down for wave ((c)) of B.
Therefore, think about closing your short positions if you have any as price should find resistance in the yellow box area (.711 - .716)
Look for bullish divergence to anticipate the end of wave (v). *** Trade Setup ***
I will to post my ideas here for easier access t.me/em16public
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If alternate count is correct then If price tests and rebounds at the 0.618lvl, this might in that case be a wave X followed by a Y wave higher.
If price retraces 78% of the move, we might consider a B of a Flat wave being in play but because it's a very sharp move, it does not 'look' like a B of a Flat, which grinds more sideways usually.
Other option is we might resume the impulsive move to the downside, in wich case, price retest the last low.
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Going long at current price Stop : 7177 Target : tbd
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Move Stop to break-even or close the trade at actual price. I think we will get one more move lower.
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Trade closed as expected. AUD fell because of Retail Sales data in China were below expectations.
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The alt count suggests we are resuming the downside move. But I am not yet ready to short this pair. I believe we are in a complex correction and we should see price go higher again for a bit.
hi,
Should we wait for Pull Back then go for short or Long Setup is still Valid ?
Thanks for helping me
ElliottWaveBelgium
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@Banoo, Hey, I believe my bullish view is still valid but I am not yet ready to start buying. Maybe after another leg lower.
I really think we will start to see some nice USD weakness soon, and that will be the moment to go long.
It's possible to short the pair as there might be a 50-150pips move down but I would not take the risk.
If you have other questions don't hesitate to contact me on Telegram, it's easier ;)
Should we wait for Pull Back then go for short or Long Setup is still Valid ?
Thanks for helping me