Expecting 5 waves structure in the channel

Short

Britisches Pfund / Australischer Dollar (FX:GBPAUD)

Aktualisiert

FX:GBPAUD Britisches Pfund / Australischer Dollar

I am expecting 5 waves structure in the channel. In case price rises before touching my price action line then i will look for structure change and possible pattern formation. Currently i am expecting corrective wave and then sell breakdown and trend continuation setup on upper channel line

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Break up will change structure

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Price testing my reversal point and i am watching for price action. I think you guys remember that i was expecting corrective bullish wave but price rising aggressively and impulsively and it may breakup and may change the structure only valid sell setup may form if price stay and hold that reversal point and give us signal that it is not going to break up then we will look for sell currently we are watching for price action either we are going to break through and going to change structure or price holding this reversal point here is the update guy hope this will help much better.

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If not in get in on breakout reversal pattern forming.

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This descending channel has changed itself but not too much break up the trend line will give signal that its changing it completely. Short still in favour i am holding my short from trend line stop outside the trend. line

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Details on the chart

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So far so good price did not break up and we are still in corrective structure. Bearish impulse on its way. We have two possible formation if i will see trend continuation pattern then i will look for sell and if i will see trend reversal pattern then i will look for buy here is the update.