Hi Traders,
The AUDUSD (now at 0.8915) seems to be ready for a temporary rally to 0.9220 or higher.
TARGETS
likely: 0.9195-0.9220
possibly: 0.9343-0.9389
maybe: 0.9400
ELLIOTT WAVES
The pair has completed 5 waves down in each time frame (daily, 4-hour and 1-hour charts). If this is true, the rule of "multiple five in multiple timeframes" is respected and we expect a reversal.
This is confirmed by the channels being touched 4 times in the daily chart and 4-hour charts.
HOWEVER
The "reversal candlestick" in the 4-hour chart is not very convincing and the market might try to stop you out before shooting up.
WAVE OSCILLATOR
Hence, enter your trade only when you have a valid cross of the 2 black lines in the daily or 4-hour charts.
Remember to place your "trailing stop" according to the "instructions" from the wave oscillator.
daily chart - click to enlarge
wave oscillator over the daily chart - click to enlarge
4-hour chart - click to enlarge
wave oscillator over the 4-hour chart - click to enlarge
1-hour chart - click to enlarge
The AUDUSD (now at 0.8915) seems to be ready for a temporary rally to 0.9220 or higher.
TARGETS
likely: 0.9195-0.9220
possibly: 0.9343-0.9389
maybe: 0.9400
ELLIOTT WAVES
The pair has completed 5 waves down in each time frame (daily, 4-hour and 1-hour charts). If this is true, the rule of "multiple five in multiple timeframes" is respected and we expect a reversal.
This is confirmed by the channels being touched 4 times in the daily chart and 4-hour charts.
HOWEVER
The "reversal candlestick" in the 4-hour chart is not very convincing and the market might try to stop you out before shooting up.
WAVE OSCILLATOR
Hence, enter your trade only when you have a valid cross of the 2 black lines in the daily or 4-hour charts.
Remember to place your "trailing stop" according to the "instructions" from the wave oscillator.
weekly chart - click to enlarge
daily chart - click to enlarge
wave oscillator over the daily chart - click to enlarge
4-hour chart - click to enlarge
wave oscillator over the 4-hour chart - click to enlarge
1-hour chart - click to enlarge
wave oscillator over the 1-hour chart - click to enlarge
