AUD/USD is now on it's course for a bullish cypher pattern, once that pattern completes, it will in a PRZ to go long for a potentially large bearish butterfly pattern, which should find resistance at 0.94450. At which point it would a good price to short for another couple of hundred pips or so.
Edit: Small error in the chart, point B of the butterfly should be confluent with point C of the cypher, leaving it at a fib level of 78.6
Comments
RedStaR
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Target 2 reached.
Chart is a success.
MinimaNode
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Bullish it certainly was.
RedStaR
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First target reached at 0.8935, let's see if the bulls are strong enough to complete the butterfly
RedStaR
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You could always add your own technical indicators to confirm reversal points of interest, and also check the news when price comes close to the aforementioned price quotes.
This is not a foolproof prediction of what's going to happen, rather one that is likely to happen.
If we all know where the market is headed, everyone would be rich, but this is a zero-sum game.
Historically, prices tend to follow harmonic patterns that may seem "random" to laymen, but the fact that many other investors use these for their entries and exits give those who can follow it a slight edge. This is not to be confused with whether investors have enough purchasing power to move currency pairs significantly, but you could always use that to your advantage on false breakouts of where the general population expects it to go, and do the opposite given the chance.
Mercurius
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Don't see this happening based solely on arbitrary geometry overlaid on price action. More interested in supply/demand and economic factors and zones of support resistance.
KK78
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over the years and lots of your lost deposits you would realise that fundametals work only in private equity or 30-40 years trends like Buffet does)))
KK78
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forgot, as fundaments, carry trades work, but then it ends in disaster as well as too many ppl piling in)
Chart is a success.