IamShyamD

IamShyamD

Correlation between the two has broken down just in the last year or so. I wouldnt be surprised if we saw some kind of pull back if Crude continued its climb towards $108 and maybe even $115. If that brings USDCAD back to parity then that would be an awesome time to get long.

IamShyamD

Looking for the 4th & 5th waves to play out. I think we are 24 - 36 hrs away from a major top that should lead to revisiting 1.63 and maybe 1.6000 in a 5 wave move down (C leg). I d look to short 3 portions. First two would be semi light between 1.695 and 1.7000. Then watch price action closely to confirm the break before adding final full allocation.

IamShyamD

PERFECT so far. We have Monthly ma @ 1.46 area + IQMS quant level thereabouts so best to book profits at highs or new highs and look for major short positions. Watch EURUSD to TOP and AUDUSD to Bottom. I am going to watch Price action very closely as previously I just worked off levels.

IamShyamD

PERFECT so far. Good for another 150 pips where Profits ought to be booked and we start looking for Short opportunities.

IamShyamD

Looking for a final move to 1.39 area. Will cover shorts if it spikes to 1.4150.

IamShyamD

End of the 3rd wave - took all profits from the highs. Await pull back to hit the 4th wave for one final new low? Maybe.

IamShyamD

I am not sure if this is the end of a 3 wave (ABC) and therefore end of the A leg or its actually a series of 1s and 2s and we still in the middle of the A leg. This later is my favoured view.

IamShyamD

Holding on to shorts and adding @ 1.4050 with stops (only for this one @ 1.4150) for 1.39 - 1.38. I think eventually we go lower but this will be a good place to lighten up. Should happen in next 48 hours imho.

IamShyamD

Scenario 2 - The RED alphabets indicate that the 5th wave needs to be complete. Currently we could be in an ABC 4th wave correction suggesting lower first before higher to the monthly 50 ma @ 2.0750 would make this an ideal short opportunity. I think this is my preferred scenario of the two and I am therefore short. However confidence is low so keeping tight shorts.

IamShyamD

Scenario 2 - The RED alphabets indicate that the 5th wave needs to be complete. Currently we could be in an ABC 4th wave correction suggesting lower first before higher to the monthly 50 ma @ 2.0750 would make this an ideal short opportunity. I think this is my preferred scenario of the two and I am therefore short. However confidence is low so keeping tight shorts.

IamShyamD

Scenario 1 - The RED alphabets indicate that the 5th wave needs to be complete. That can happen at the next significant high (unless we have an obvious failure). I am inclined to think we can get 200 - 300 pips higher. We have weekly 200 ma @ 2.0390. So a failure there with monthly 50 ma @ 2.0750 would make this an ideal short opportunity.

IamShyamD

On the daily chart I think we are in the 5th of III or at 5th of 5th. Eitherway I see EURAUD revisiting 1.38 area if 1.45 holds. Seems like good risk reward for a tactical trade.