mislabeled wave a but the rest are as it is, if it bounces off support trend line go long
wait for the trendline to break before entering ideally a tight stop loss is advisable, Just pointing out the possible return for this trade. Good luck
whole 5 wave down looks like a leading diagonal setting up for a 5 wave down
target at .382%
On my previous post on audusd I did all corrections on a smaller time frame, here is a bigger picture.
sory about the first post wrong labels
wave 1 and 3 are equal waves making wave 5 a candidate for an extension if wave 4 retraces at .382% my short target after retracement would be at 1.19466
Might be the last correction for the entire fourth wave before we see a huge drop on this pair.
wait for retracement to confirm.
it could go a little more higher wait for break for confirmation
It could retrace deeper.
waves 1 and 3 are of equal distance it has a POSSIBILITY that the last wave would extend and hit 100% retracement, after this move it will go down and break support trendline completing 5 waves, just my analysis.
short on the fifth wave or wait for confirmation
short after confirmation
buy on break
Horizontal rays acts as targets and also acts as support
Daily trendline acts as support with 200 combined with 200 ema go long on trend line break