GWaves

$AUDUSD | Wolfe Wave & ABC Correction | 0.81633 Target

FX:AUDUSD   Australian Dollar/U.S. Dollar
Hello Traders,

Here is a great long set up in AUDUSD             . It is currently in a corrective structure and is looking to complete the Wolfe Wave and the ab=cd pattern.
Comment: Update: A break of the current supporting trend line will invalidate this Geo' formation. Updates to come as price develops.
Great stuff. This would be the ideal situation.. but unlikely target given how sluggish the up trend has been. Do you think there is a legitimate motive structure count for the new price data?
Reply
GWaves PRO WaveAlchemy
Hello @WaveAlchemy,

snapshot


As of today I do not see any more room for this pair to go up. This would result in the failure of the ab=cd pattern I have listed there. I have shown in the past that Fib levels within the CD leg often act as resistance levels and the overall failure of the ab=cd pattern in the Geo'.

I'm not quite sure what you mean by motive count, but to answer your question on the direction of the this pair; I would say the move up has been exhausted and bears will push their weight down on this pair...for now.

Does this answer your question?

Best,
Chartistry
Reply
Hello @Chartistry,

Yes I too believe that this will be a failed zig zag. I am short! Wish me luck.

snapshot
Reply
Short upon ABCD completion.
+1 Reply
man you are a genius.. thank you for your ideas
+1 Reply
GWaves PRO hassan11
hassan11, I am merely a student. Thank you for your continued support and humbling comments. I really appreciate it.
+1 Reply
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