Short GBPAUD, Bearish Elliot Wave 5 to start soon.
Aktualisiert
The whole structure of the bearish move seems incomplete. We could be starting the last leg of a bearish impulse that will target 100% retracement.
Picture speaks a thousand words.
By Elliot Wave of alternation, Wave 2 - Sharp, Wave 4 - sideways corrective moves.
We could be at the final stages of a push lower, with an ending diagonal appearing in Wave Y, C leg of a irregular flat pattern.
Plus point is that carry is positive, so we can hold without cost.
Trade idea,
Short at 1.751
Stop Loss : 1.762 (Since Wave 3 of an ending diagonal cannot be the shortest wave)
Target. 1.45 area. (To be updated as we count the 5 waves lower)
Picture speaks a thousand words.
By Elliot Wave of alternation, Wave 2 - Sharp, Wave 4 - sideways corrective moves.
We could be at the final stages of a push lower, with an ending diagonal appearing in Wave Y, C leg of a irregular flat pattern.
Plus point is that carry is positive, so we can hold without cost.
Trade idea,
Short at 1.751
Stop Loss : 1.762 (Since Wave 3 of an ending diagonal cannot be the shortest wave)
Target. 1.45 area. (To be updated as we count the 5 waves lower)
Kommentar
Complex Flat (3-3-5)W = Irregular Flat (3)
X - ZZ (3)
Y- Ending Diagonal (5)
Kommentar
Time of completion of wave 1 is around 6 months. Assuming wave equality. We should expect this pair to trend downwards for the next 6 months.Kommentar
Time to go under the microscope. Let our 3000pip journey begin! (Hopefully)Prices look to be forming a flat pattern for our wave 2. I'm using 1.76 swing high as the start of our wave 1. If prices do get rejected at 1.752 for wave c of the flat. We are looking for impulsive wave 3 to commence. Using fibo projection, we know that a common level of wave 3 = 1.618 x wave 1. This lands us right smack at the ascending trendline of the ending diagonal wedge at 1.727 area.
Since wave 2 is a corrective sideways flat, we expect wave 4 to be a sharp correction. Which would make it seem like prices bounces off the trendline.
Kommentar
Covering position. Closed. Price action doesn't feel like an ED.
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.