Aussie has been in a contracting triangle in 2017.
Waves A,B,C played out.
Estimates by fib expansion of the AC trendline to establish a time horizon for
D wave completion @ .7610 on 29th June 2017 (.382 fib)
E wave completion @ .7430 on 1st August 2017 (.681 fib )
From there the triangle to be broken with a measured move (AB vertical distance) from E termination to the projected price of US .8000. : )
Keep your eye on the prize !!!!!!!
Comments
Melchizedek
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Oooops! Already short. Time will tell, so GOOD LUCK!
salsapete
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@Melchizedek, I think a short trade is definitely on. I would have my stop above B point. Look to trade to the supporting trendline..... :)
Melchizedek
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@salsapete, Yep. That's what I saw; the D point being more an issue of time than price, thought there was enough of a short run to grab some cash before they take it up. We shall see...