ChrisMark
Long

$GBP vs $AUD Daily Chart.Hi-Prob. Reversal Near 1.52400 | #gbp

FX:GBPAUD   British Pound / Australian Dollar
Traders,

GBPAUD has been in a corrective structure since 26.10.2016 probably coming to an end, followed by the last 5th wave completing, in the bigger picture, an expanding flat pattern.
-On the main trend 1-5 (circle), 1st motive wave has ended at 1.91858. The main trend has perforce ended there as it could not have been another wave count which didn't violate the rules.
Inside expanded flat pattern:
1- Wave-(A) developed into a ZigZag , ending at 1.72146
2 - Wave-(B) developed into a Zig-Zag , ending at 2.23721, target reached extended by 1.618 wave (A).
3 - Wave-(C) is developing a 5-wave motive structure, expecting the last 5th wave to complete the 5-wave motive sequence, to complete the expanding flat pattern, as the 2nd (circle) corrective structure of the main trend.

A High-Probability reversal target is 1.52400(+/-), where many Fibonacci measurements cooperate, resuming the main trend as the 3rd (circle) motive structure.
For now there is still space for corrective wave (4) to cover before the drop .

Trade with discipline
Best

Nov 20
Comment: Looking for some more upside to complete the correction.
Short opportunity is close
Dec 16
Comment: Price reached the expected area, I will watch for any reversal from this point. a
A long-term short trade is coming.
Dec 21
Comment: Flag broke. Look for shorts.
Dec 27
Comment: Looking for a rise up
Jan 11
Comment: Keep looking for short opportunities
Jan 25
Comment: The pair is getting ready again for a short. Watch out for a big R/R trade. Looking for sell setup
Mar 04
Comment: The pair is getting ready for the drop so don't miss it

Comments

Thanks Chris.
+1 Reply
Thank you ChrisMark! Good work!
+1 Reply
Can you update the chart please,Chris?
Thanks
Reply
ChrisMark tunahantrader
Hi @tunahantrader, nothing has changed for this pair, looking for the big downside to come. So stay close
Reply
tunahantrader ChrisMark
@ChrisMark, thanks Chris great work ,consolidation was nerve breaking hope it flushes down .
Reply
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