EURAUD: More Weakness Could Be In The Cards

FX:EURAUD   Euro / Australian Dollar
EURAUD             completed a corrective pullback in the ABC manner at 1.520. From this C wave highs a sharp drop down occurred on EUR while the other pair AUDUSD             seems to trade more stable or even higher in recent sessions. For now a nice 3 wave move down unfolded with wave 4 in view with resistance around 1.4658-1.4711 region.

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Nice bounce. Seems like it was the end of subwave 111. The correction should be shallow. Either to the 23.6 or the 38.2. Almost at the former now. What do u think? Thx for the tipoff!!
+1 Reply
Wve iii could be over, as recent bounce suggest so. Wave four can retrace to around 23.6, 38.2 or 50.0 of wave three. Let's see how it unfolds
Marvin ew-forecast
Looks like the 38.2 ended wave iv. I sold too early from the 23.6 but oh well in profit now. How do u calculate your target for wave v? Since wave iii extended, wave v should be normal which means either the 38.2 or 61.8 extension of 0 to end iv. I'm thinking 61.8 as 38 just brings us to end wave iii.
+1 Reply
Hi Marvin. Yes either the 38.2 or 61.8 extension of 0 to end iv would be great for projecting wave five,
Marvin ew-forecast
Indeed. I got stopped out for 80+ pips. Looking for another entry now. Nice trade man and good luck to you. Keep your charts coming as it's great to confirm with u as I'm a newbie to EWA.
+1 Reply
You're welcome, they are just gonna keep on coming.
Nive. Thanks you. An extended 3rd wave. The question is, is it over. Could well be.
+1 Reply
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