luce878
Long

GBPAUD the support has become the ressistance

FX:GBPAUD   British Pound/Australian Dollar
82 3 2
Healthy uptrend on the 4 hour chart (Not so much on the daily)
Price above the 20 Ema and 200 MA
Price above the ichimoku cloud
It passed the support zone at the 2.12410 level, with a little consolidation.
Question: If you have a failed 5th wave ((5)), then why would you buy up here?
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clear uptrend, its all down to holding it..i believe so.
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luce878 timwest
Hi @timwest! in this type of pattern I use the Elliot wave more as a price indicator, rather than the beginning or the end of the wave, I'm currently learning how to use it actively on my trades, that's why I've settled it on default on my chart studies, but i'm not currently basing my decisions on it. Thank you for asking!
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