SimonBrisebois
Long

AUDUSD Potential Elliott Wave third wave trade

FX:AUDUSD   Australian Dollar/U.S. Dollar
Elliott wave's principle is that the market moves in waves. In a mouvement, there is 5 waves or impulses.

Here with AUDUSD             , there is a clear double bottom reversal ending the bearish trend we were in for a few years. After the double bottom , we saw the first wave already completed and right now we are in the second wave, which is a corrective one. We should begin the third wave soon and right now AUDUSD             is trading at the 50% fibonacci retracement , the 100 days moving average and the span B of ichimoku's kumo cloud.

To me this looks like the perfect setup to trade the second wave, which is the institutional wave and the longest wave of the 5.
IvanLabrie
8 months ago
Hi, you have misunderstood the most basic of the Elliott Wave tenets here.
You labeled the low as 1.
Maybe redo the chart?
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