In my ongoing series on updating this move up in which I have been calling to be a MASSIVE MOVE up, this update comes on the heels of my last update (see Related Ideas: "UPDATE #4: ANALYSIS: AUDUSD - Post-FOMC Edition") in which I said that this move up may have just commenced and that if prices move up past and breaks the upper TL of that expanding triangle would confirm the uptrend. Well, that has happened now. And explosively.
So now what I am looking at is where we will see some retracements. First retracement is going to be after the completion of the wave (1). Which of course, means that wave (2) retrace is coming. But when? How far will it retrace? Also, keep in mind that wave 2's can retrace 100% of wave 1's. And there's no way to know if it will. But one place I would guess might be a target for a wave (2) retracement would be a retest of that now broken upper TL of that previous expanding triangle.
The first pattern here that prices will encounter is a POTENTIAL Perfect . At this time (the time of this posting) prices are only 2-3 pips away from filling that . But remember that Gartley's although they have a D point at .786, they often will extend to the .886. In this case, if it does extend to the .886, it will encounter a minor sr structure level. This would be a ideal place for the wave (1) to end and a wave (2) retracement to occur.
Looking forward farther into the future, where would be a good place to target TP1 profits? Well, the most relevant pattern is a POTENTIAL bat (blue) that I have placed on the chart here. That bat's D point is up near to a MAJOR SR Structure. Now, I know there are a couple of other POTENTIAL Bats that can be drawn here that would be valid as well but I only wanted to point these two out first as one is relevant for the very near future and the other for the target.
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Looks like we have a number of similar levels, my charts are up on twitter at my handle if you're interested. Enjoy and thanks for your efforts as always.