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Long

EURAUD: Broken Channel Suggest More Upside

FX:EURAUD   Euro / Australian Dollar
On the intraday chart of EURAUD             broken channel resistance line suggests a completed corrective setback of red wave B)/2). Ideally market is now at the start of a big third wave up which can take pair even to 1.5200/1.5250 zone. However, we may see some corrective set-back towards the channel line which would be ideal for a resumption of a current trend.

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As Far as I know the ABCDE can be only in the end of corrective move. I think you would better put letter B where you have (a) and then draw and ABCDE. This would look better. Rest looks promising!
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Thank you for your comment. As far as elliott wave theory goes, no, the A-B-C-D-E pattern or a triangle may only be in waves B or 4 or other complex patterns, not in the end of a corrective move as in this case wave C. Triangle is an overlapping price action, and wave C is an impulsive wave, which means it has to have five sub-waves, that are not overlapping.
If I would have put wave B, where i have now wave (a), then wave B would be made by five sub-waves as you see on the chart, from 1.470-1.494. As we now wave B is a corrective wave by nature, and has to have three sub-waves and not five.
But maybe in some other theorys, this may be true. Well either way, hopefully more upside may follow:)
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