AW Aussie Dollar Analysis - Signs of Huge Rally Chart... Long

Australian Dollar/U.S. DollarFXCM

Description

⋅ Dec 30, 2022 1:27 AM

Here is an updated chart from yesterday that clearly shows a C-D-E pattern with an impulsive break of the start of Wave E.

Anyone can label a chart, but I think it's good to label a Wave ii (for example) once there is this type of confirmation.

From here it is expected that an impulsive move continues to push higher and higher.

If this is a third wave, then it should not take that long to prove itself.

Key phrase: Prove itself.

A market should prove itself to you by giving you evidence of being in line with that particular wave's usual characteristics.

We all know Wave 3's are the strongest part of a move therefore it should be showing signs of strength and agility.

Remember to use Disciplined Money Management Principles to ensure longevity as a trader.

If you don't know the long term pattern shouldn't you be doing your research instead of just following the crowd?

Just remember: I am not a financial adviser; I suggest using this only as a guide. Always do your own research.

Comments

Rockqet

⋅ Dec 30, 2022 2:01 AM

Hello, I agree with your bullish bias on AUDUSD. You seem to be good at using elliot wave. I too am looking for a buy and intend to take profit at 0.68398, where the 78.6% Fibonacci line is. Please consider my suggestion:

AriasWave

⋅ Dec 30, 2022 2:05 AM

@desmondlzw, Hi there, Thanks for sharing your chart! I don't use Elliott Wave though, I created and use AriasWave. My idea is for a very large move to the upside, past 80 cents, potentially above $1. I am not really aiming for the short term. I will make that a bit clearer on my next video.