RyanGillespie
Short

Wolfe Wave Theory - Bearish WW projecting short.

FX:EURAUD   Euro / Australian Dollar
84 0 1
A Wolfe Wave has formed on the EUR/AUD             Daily chart . The current price has moved to the projected line of 1 through 4 falling back into the entry zone nicely. Look to enter the trade when price falls to the 127% retracement of point 3 to 2 @ 1.56191 with a stop of 1.57955 and a conservative target of 1.47372. Presenting an opportunity with a Risk/Reward ratio of 1:5. Notice the volume spike as wave 5 moves to completion.
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