AUD/USD H4 Update

General Overview:

I have re-vised and
re-labeled the count again, but the change is almost purly aesthetic:
the main problem for me was why the price has broken out to the downside
from multi-year triangle formation and not to the upside desplite a
lack of one more impulsive wave?

Based on that question
I have changed the count and I have fount out, that there is still one
more possibility for this very complex and time consuming wave 4 to be valid – the result is on Weekly chart.

On
the other hand, on H4 chart one can see a pretty rare ending formation
calle Expanding Ending Diagonal Triangle. What supports this view is the
fact, that there is heavy buying on futures market if price is makieng a
new low.

Still the target for wave 4 is geometrical harmony of A = C @ 0.8957 – 0.9000 area.

Support/Resistance:
0.9594 – Swing High
0.9470 – Key Level/Trend Line Resistance
0.9100 – Swing Low
0.8957 – Wave C Target

Trading Recommendation:
Easy money has been done here so patience is required.Go long ONLY after confirmation on Daily Candle.

Seb

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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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