From what I see, GJ is in its 3 Wave. It could reverse at the 1.1618 Fib Extension and retrace down to the price area of Wave 1. Overall this pair is bullish, but some pips can be made on the downside if you are ok with the risk. Check out the chart. Let me know what you think.
Nice breakout on AU. C wave appears completde at the .618 level and now price has already moved up past the .50 fib level. Price should reach the .382 level, look for reversal there and a pullback to the .50 fib area, that would be a good spot to buy in.
AUDUSD is near 61.8 support. We may see a double bottom here or the creation of a Harmonic Bat pattern. If it drops below the 61.8 support I will begin to look at shorting this pair, but for now I'm still bullish. Check the chart. As always I appreciate constructive criticism and other ideas.
My prior idea of AU reversing at the 50% retracement level did not happen. That being said, price is now at the 61.8% retracement level and it appears to still have valid AB=CD pattern. So if you are looking to go Long, as I am, this may be a good place to buy with proper confirmation such as a double bottom. Any thoughts?
I've been following this pair and trying to break it down using Elliot Wave. Based on what I see I believe AU is in a retracement and will head higher once it hits the buy zone I have marked in the chart. That being said it could be a higher risk trade since AU is in an overall downtrend on larger timeframes. But this is just my idea and I'm just posting it for my...
AUDUSD is approaching and area where I think it will be reverse into an A-B-C Correction. There should be a confluence between a major descending trendline line and also the .786 Fib Extension from Wave 3.
I think if this is a valid Elliot Wave then we should still be in Wave 3, with price possibly reaching 79.00 area. Also it appears there is a Head and Shoulders pattern, which would signify a trend reversal. I'm posting this trade for my records to keep track of my Elliot Wave ideas. If you see a problem with this trade please leave a comment! Thanks!
Posting this trade for my records as I am currently working on studying Elliot Wave. I think AU may rise from here since it appears we are approaching the end of the 4th wave. I think 5th wave will go until it hits the .692 area, after that it could begin ABC retracement. Let me know what you think, I appreciate constructive criticism.