Setting up to trade the impulse c leg of the zigzag wave (b). Buy at 0.6182 retracement, SL a bottom of b. Longer term snapshot :
AUDUSD breaks to the upside and possibly for longer term reversal.
Breaking out on the downside possibly on a 3rd wave iii.
Set up for an impulse wave c up of correction (b) which tend to retrace bet. 50-61.82% of wave (a) in a zigzag (a)-(b)-(c). With SL placed at invalidation of wave count, R/R > 10. Longer term snapshot tells PA in the middle of zigzag wave v of an ending diagonal:
AUDUSD bottoming is not simple. But bears beware.
15min wave count tells a continuation of impulse wave up. As long as PA in the next few sessions stays above {ii} - {iv} channel line, there's a chance of going long after retracement ii next week. With a proposed SL placed at invalidation if it breaks lower channel line, R/R could be good.
A minor head and shoulder of USDollar could see it's early beginning of an long wave (c) down, retracing more than 61.82% of the prolonged advance of wave (3). Watching the USDxxx pairs now. Longer term snapshot:
Setting up for an impulse wave up on a 60 min chart, potentially the 1st wave of longer term reversal to the upside.
Range trading in the middle of a typical flat correction ii of good trade-able price range, Firstly on an impulse wave c down towards at least 81% of wave (a) near 1.5374, SL at invalidation of wave count; then up on wave (c).
Revised daily chart depict and possibly confirm the continuation of a long term impulse 5th wave down. Present wave (3) target 1.0710 area. EW count based on long term analysis on a triangular formation of the 4th wave: i.gyazo.com
This correction still bothers. Does last 2 days advance looks corrective ??
If PA in the next 2 sessions holds mostly above 0.6182 retracement, a break of upper channel line would confirm reversal.
Wave (a) of correction (2) seems complete and retraced more than 50% of the impulse (1). Now reversing on wave a of the corrective (b). Taking long term position on this 600+ pips range for 2 months on impulse decline wave a of zigzag (b), SL @ 1 pt. above present high. Long term snapshot:
Resuming it's uptrend on impulse move from the bases of lower channel lines, breaking which invalidates the wave count. Thus, set buy stops above present price from 2.3450, and SL @ invalidation. Target the completion of wave {3} @ 1.6182 x {1}. Daily chart:
Now Wave iv overlap ii, forming an ending diagonal wave y, Setting up a zigzag wave v of ED, towards y = w. SL @ invalidation of ED count.
Wave {ii} correction retraced well over 61%, now poised to decline on wave {iii} . Setting up short on a medium term impulse down towards target 1.6182 x {i}. Requires patience to hold, with opportunities to add on highs. Potential Trade of the Week ?
FTSE wave count seems cleaner than that of DJI and S&P500, now on wave (5) of an expanding ending diagonal {5}, poised to go up on a corrective advance. If a medium term buy limit @ 6527, with tight SL set at invalidation of wave count - if it breaks lower channel line or the next lower channel line. It's so tight, R/R =11.70