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thillygoosth
Jun 23, 2018 8:38 AM

Eur/Aud 

Euro Fx/Australian DollarFXCM

Description

EA looks to have produced a sell setup. I would think we might get a trend line break. It is coming off the 50% retrace. You see the .618. I would think we would get a larger structured correction if it is gonna go down more. We have what looks to be a "W", so I would be looking for an X. If it hits that first zone, we may get a quick 5 wave up to the .618 when you consider it in relation to the top trend line. If that did happen I would then be looking for a 3 wave correction from there. If it were to break out and hit that lower zone, you may want to just let some ride to break the low, but also consider taking a buy setup if you get one, with the possibility of a larger correction up, but also a running flat. It will all just come down to how the pattern and price action develop to and at these levels.
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