Will Aussie Produce Another Rally? I'll Sell If It Does!

1. Okt. 2016

Hey traders! Aussie made some interesting moves in the form of EW triangles toward target last week. Then, a deep correction produced higher highs and stopped out my re-entry. It's important to not only prepare for these types of moves, but to expect them! The corrective wave count has a bit of ambiguity so I won't be going long toward a potential fifth wave, however, it is a distinct possibility that a fresh fifth wave rally will solidify weekly highs before a continued drop. The level I'm eyeing is between the wave-(3) high and wave-(ii) high. Completed impulse followed buy a bearish impulse/pullback will trigger my short entry. More updates to come!