UPDATE #2: AUDUSD: What I am waiting for to go short

In my previous update on this pair, I had been referring to a possible cypher pattern. See the chart below:

Well, that cypher was invalidated as prices have shot past it's MAX C point. I also said in that last post that IF that larger (blue) cypher were to be taken out, then the chances of a DEEP retrace down in this possible wave 2 would decrease. Watch out for that. Now, we have yet ANOTHER cypher that is in play but just BARELY. It's C point is right where the current highs of this move up is right now (as of the time of this posting). So it is hanging in there. This smaller cypher does "fit" in terms of my thinking that this retrace wave 2 may be a shallow one. The completion of this smaller cypher if marking the end of wave 2 would make wave 2 a shallow retrace. I'll study that possibility more in-depth should this cypher hold.

Prices have also approached the cluster of 1.618 extensions you see just above the highs. This cluster should provide resistance to any further advances. There is also an AB=CD pattern that has completed as well right near the current highs. I only point that our as a fact but it doesn't really play that much of a role in whether and when I take this trade.

In that previous post, I also had said that we need to WAIT for price action to tell us when to get SHORT and not jump the gun. Prices have gone pretty much as I had expected them to go since that last post. But is it time to go SHORT yet? A-L-M-O-S-T! In fact, by the time I post this update, it might be time to go SHORT! But as of right now, I'm still waiting on that bearish PA to show itself. PATIENCE! Go look in yourself in the mirror and repeat that over and over again!

Trying to catch the VERY, VERY TOP of any move is an exercise in foolishness! Let the PA guide you.

MY TRADE PLAN
Still waiting for bearish PA.......

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