We have had 5 waves up and are now moving into the ABC corrective phase
We are in the current subwave 3 of the 5wave's down of A
We bounced on the 2-2 extension and will head to the 2.272 Fib to end the 5th subwave to create A > after that we will ABC up to create B, Then down again to form C
Share prices recently had a price gap to the upside but seem to be having difficulty breaking out of the price channel and holding above 1.730. Prices. After being rejected a couple times at the top of the price channel, share prices retreated and closed the last trading session in between 1.730 resistance and 1.630 support.
Share prices could go either way at...
The 38,2 Fibo stopped the drawdown. From this Level a ountermove started - but that move was not sustaiable. We are again trading near the last low @ 0,55AUD.
Trading below that Level could initiate an ugly downwave, TP could be the EMA 90.
The chart brightens with Prices > 0,7 - there a procyclical trade could be opened.
Also thinkable is an anticyclical...