The AUDCHF daily chart shows that the decline from Dec 2018 high to Jan 2019 low took the shape of a textbook five-wave impulse in wave (a) in red.
The Elliott Wave theory states that a three-wave correction in the opposite direction follows every impulse. In AUDCHF’s case, wave (b) in red looks like a w-x-y double zigzag retracement.
Waves (a) and...
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AUDCHF FOREX BREAKDOWN 09 APRIL 2019
Explosive open above previous week highs taking out sellers
Strong bullish wave formed and ending now
Strong bullish price movement about to end we need a pullback
ENTRY @ 0.71430
SL @ 0.71890
TP @ 0.70890
(Use normal Risk!)
IF YOU HAVE...
The 4-hour chart of AUDCHF showed a reversal from a key resistance level and a broken H&S neckline.
As shown, the breakout impulse can be seen as a five-wave impulse pattern, labeled i-ii-iii-iv-v (blue).
The Elliott Wave theory states that a three-wave correction follows every impulse. That is exactly what we are looking for now in form of a-b-c...
this has hit the 0.618 fib retracement
personally will watch this closely as
it might retrace to about 0.382. i am
expecting this to drop. once it breaks
the blue line, should hit the 1.618 fib
like, follow and comment :)
see previous chats especially the weekly one too
i am looking it as a sell which is best one accordingly news event because according to news usd cad and jpy bank holiday today so that's why i don't wanna trade their related pair.
TRADE SHEET DATA:-
Waiting for the bounce before the possible bearish slide of this pair if not by Friday, by next week, based on price action from the weekly chart as well as the bearish effect on most AUD pairs in general due to recent USD strength from rising US yields and general hawkishness of the Fed. Setting up sell stop order @0.74069 with TP near the weekly trendline...