EURAUD Short Trade Setup - Bigger Picture Trade

FX:EURAUD   Euro / Australian Dollar
We can see the formation of a 5 wave corrective structure on the daily time frame which has broken to the downside. There is a smaller structure which has formed below the daily structure. A break of the smaller structure should indicate the continuation of price movement to the downside.

The 3 Take Profit levels are indicated using Fib retracement targets.
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Comment: As things stand now, it is possible that we will see the 5th wave up here before the break to the downside. I am not interested in the long as it could reverse and break at any time. Wait for the confirmation of the break.


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