- This morning I figured it out this nice impulse move @ EUR/AUD pair followed by a break out and retest @ 1.4866. I started my analysis from there, Now we can see the 5 wave move down which is going to be ABC of wave 2. The question is wave 2 target? We can predict after completion of A & B.
Note : 5 Wave move down not completed yet, Price should reach 1.618(1.46697). If price failed to reach 1.618 Ext then Label wave 1 as a A and wave 3 as a C to complete the wave 2, the reason is price already reached 23.6% which is minimum target of wave 2.
- As you can see XABC Completed, now we are looking for D leg to be completed @ 1.4022
Break-Out - Price already broken through and retested @ 1.4866. If you are a break-out trader you should be on board by this time.
Pattern - This is not confirm yet, I am waiting for a pull back to confirm a right shoulder @1.4969.
(Please share and comment your ideas and view for this pair)