The EURAUD daily chart shows that the sharp bullish run from 1.53505 low in December 2018 can be seen as a five-wave impulse in wave (A), labeled 1-2-3-4-5. . The Elliot wave theory states that a three-wave correction in the opposite direction follows every impulse. In EURAUD's case, wave (B) looks like a W-X-Y double zigzag/double three retracement. . The correction in wave (B) retraced 61.8 - 78.6% of the impulsive move in wave (A). If this count is correct, a 5-3 wave cycle is completed, and the trend can be expected to resume in the direction of the impulsive sequence. . Target above 1.65547 "wave (A) high" make sense in the mid-term, unless the price drops to a new low below 1.56911 "current wave (B) low." . Did you like this Elliot Wave Analysis? Kindly let me know in the comment. . Thanks for reading! Veejahbee.
btw, TV has the wrong price for a Jan 2 high. On forex.com's mt4 it's 1.6795, elsewhere I've seen it quoted as high as 1.6805. Fast market, both market makers are probably showing the highs they traded to.
maxw3st
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I'd love to see it! Holding 1 @ 1.66808. Would love to add up there. However, the pair only made it up that far due to a flash crash involving the Yen. Not likely it'll get there again without another crises. My suggestion: leave an open limit order up around there, and let it ride. Meantime, if we see anything traded up to that's over 1.64, I will add to my short.