FX:EURAUD   Euro Fx/Australian Dollar
297 4 15
2 months ago
In my previous post I mentioned that I favored a bearish move for EURAUD             and although we saw a perfect bearish impulse I didn't see the consolidation I was looking for to sell the continuation.
This is not a big deal because now we have another trade opportunity that might present an even better trade. I believe we saw a 5 wave impulse lower and I like to see a 3 wave correction which might go as far as that projected confluence zone. Today we saw a minor bullish impulse which might be the start of a wave 'A'. Once wave B settles we can buy the third leg higher. Once the correction of larger degree (ABC) is complete we can sell the next impulse lower.

updates will follow
2 months ago
Comment:
snapshot


EURAUD is in an important and strong support zone. Watch for a reversal or correction. Ideally we see a correction (bear flag) setting up for a bearish continuation which in case it happens will most likely be by means of a thrust out of this contraction zone and turn out to be a strong move lower.
..looks very good. We got slightly bellow the trend, but I guess that´s ok, as long as we stay above "b", right?
Reply
Trillionschifer
2 months ago
Hmmmmm.... what about this wave count. Does it make better sense? http://prntscrn.com/croxlc ... Thoughts?
Reply
Trillionschifer
2 months ago
Sorry.... here is a better link http://prntscr.com/croxlc
+1 Reply
ezodisy
2 months ago
good analysis brother. I share your view
+1 Reply
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