AUD/USD H4 & Daily Update

As You can see I have been looking for a little longer wave (d), the one to hit  1.0600 level (upper red line). But since 61% level was hit three times and rejected ( judging by candlestick formation), I’ve changed the count using Pretchers rule of  61% Ret. Of Alternate Trangle Waves. So far it looks all right and now I’m waiting for more weakness in  wave E to develop in five waves.

From technical point of view this pattern looks like the Bullish Penant.

Seb

About the author

Sebastian Seliga

Aktywny trader, analityk, ekspert metod inwestycyjnych bazujących na teorii fal Elliott'a, geometrii Fibonacciego i nie tylko.

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