GBPAUD's Triangle Pattern To Send Price Lower
Price seems to be making a complex double zigzag correction in GBPAUD. The price completed the first zigzag in wave (w) around Nov 9.
Almost a month later, the price has been trading sideways within a contracting trendline. This contracting structure took the shape of an Elliot Wave triangle and looks completed.
If this count is correct, the price is expected to resume lower to complete the double three structure in wave (y) and the plausible target is 100% extension of wave (x), the blue zone.
Entry recommendation:
Enter at market with your stop loss at the red level.
If you wanna learn about this kind of EW setup, shoot me a DM!
Good luck on the chart,
Veejahbee.
Almost a month later, the price has been trading sideways within a contracting trendline. This contracting structure took the shape of an Elliot Wave triangle and looks completed.
If this count is correct, the price is expected to resume lower to complete the double three structure in wave (y) and the plausible target is 100% extension of wave (x), the blue zone.
Entry recommendation:
Enter at market with your stop loss at the red level.
If you wanna learn about this kind of EW setup, shoot me a DM!
Good luck on the chart,
Veejahbee.