EverythingForex

QUICK ANALYSIS: AUDUSD: How Wave 4 Correction May Unfold

FX_IDC:AUDUSD   AUSTRALIAN DOLLAR / US DOLLAR
257 0 7
In my previous post on this pair (see Related Ideas: "ANALYSIS: AUDUSD: Going Up....But For How Long?"), I said that this up move being played out right now in this pair was NOT a reversal but rather only a wave 4 retracement. What wasn't known yet was how was this correction going to play out. At the time, there wasn't enough PA information upon which to build any kind of scenario. With the recent PA though, I have been able to build a very early possible scenario upon which this correction may unfold. Mind you, this is a VERY EARLY prediction and of course, things may change completely and this could be proven wrong very quickly. But the purpose of this is to give an idea of what kind of price action to look for and where to possibly look for it.

As I said, wave 4 corrections tend to be complex corrections and hard to predict. This one looks to be no exception. This isn't a trade that I am posting here but only a kind of "road map" if you will. I am holding LONG positions but will not add to those positions through this correction. I will however be looking for a good level to close those positions and actually will be looking to for good SHORTING opportunities for the yet-to-come wave 5 down to the 70 cents level on this pair.

*DISCLAIMER:
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

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