Veejahbee

EURAUD - A TUG OF WAR BETWEEN BULLS & BEARS CONTINUE

FX:EURAUD   Euro / Australian Dollar
The EURAUD weekly chart above reveals that the rally from February 2017 low to as high as 1.61957 in March 2018 took the shape of a textbook Elliot Wave leading diagonal structure. The pattern is labeled (i)-(ii)-( iii )-(iv)-(v); wave (iv) overlap wave (i) high which make the whole advance an Elliot wave motive diagonal rather than an impulse.

The Big Picture Still Remains in Favour of the Bulls
According to the theory, the motive waves “leading diagonal in this case” point in the direction of the larger sequence, and a three-wave retracement in the opposite direction follows every motive pattern.

Here, EURAUD correction seems to be unfolding as a "top flat ascending triangle" pattern labeled (a)-(b)-(c)-(d)-(e). Price has drawn wave (a)-(d) of the triangle and remain wave (e). So, in the short term, the price has the potential to move lower to complete the wave (e) of B.

However, once the corrective phase of the cycle is over, the larger trend resumes in the direction of the motive wave. This means that once the corresponding triangle correction in wave B is over, another rally in wave C can be expected.
The resistance area around 61.8% Fibonacci level of the monthly impulse structure “Not show on the chart” is plausible for the bulls.

Bottom Line
If this count is correct, traders should expect a short term decline and long term advance in EURAUD as planned on the chart.
Did you like this analysis? Let me know your thoughts in the comment.
Easy to understand what you mean. Cool work
Reply
Veejahbee Bullandbeartrading
@Bullandbeartrading, Thank you. Appreciate it bro!
Reply
i count like this

+1 Reply
Veejahbee onurkurtuldu
@onurkurtuldu, excellent bro
Reply
Nice counting thank you
Reply
Veejahbee onurkurtuldu
@onurkurtuldu, Thanks for your feedback.
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing TradingView Coins My Support Tickets Get Help Ideas Published Followers Following Private Messages Chat Sign Out