TimStuyts
Short

AUDUSD according to plan, follow up

FX:AUDUSD   Australian Dollar/U.S. Dollar
274 0 8
For my previous post and context see link below:
AUDUSD long


Wave 4 corrected more than anticipated at first but the characteristics are pointing to a high to be in place. At least short term. What I mean by that is that either way I expect another leg lower after a consolidation. So I'll be waiting for a consolidation to sell the bearish continuation for either wave C or wave 3 lower. If price trails higher I simply let it go but I don't expect to see that today or tomorrow.

Updates will follow.

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Comment:
snapshot

AUDUSD seems like it is starting its correction after what I have counted as either wave 1 or A lower. I think that this consolidation might be setting up the next sell trade for FOMC this Wednesday. However it is too soon to tell but I like to see at least 3 waves higher. Keep in mind that we are in the early stages of this consolidation and the ABC wave count is indicative.
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