Elliott move on Aussie
Here's an update going back from the move in my profile back in April.
In simple form here's the higher Timeframe view;
Then the 5 down giving a corrective move and fib levels back to the 1.618
New start on the smaller wave count;
Starting with the count - not a fan of the 0-1 move here; Meaning it could still be in corrective mode if we near the low again.
Extension sweet spot around 0.77720 level.
Pullback 4 would be worked out later (but forecast wise) I would guess here.
Thus giving a pattern up looking like this making it's 3rd wave completion.
Which means we are likely about to start the 4th wave of the inner move up.
Giving us a downside target here in this region.
Advanced Get showing a weekly 4 up here and we are inside the 3rd wave up (agreeing with the concept)
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Which means my overall bias is long, but in the short term taking a short down an ABC on the smaller TF's and then long for the long run at the retracement low.
ALL RELATED IDEAS ARE EDUCATIONAL HERE
Disclaimer
This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s, and Forex. Hence each trade setup might have different hold times, entry or exit conditions, and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.
In simple form here's the higher Timeframe view;
Then the 5 down giving a corrective move and fib levels back to the 1.618
New start on the smaller wave count;
Starting with the count - not a fan of the 0-1 move here; Meaning it could still be in corrective mode if we near the low again.
Extension sweet spot around 0.77720 level.
Pullback 4 would be worked out later (but forecast wise) I would guess here.
Thus giving a pattern up looking like this making it's 3rd wave completion.
Which means we are likely about to start the 4th wave of the inner move up.
Giving us a downside target here in this region.
Advanced Get showing a weekly 4 up here and we are inside the 3rd wave up (agreeing with the concept)
=============================================================================================
Which means my overall bias is long, but in the short term taking a short down an ABC on the smaller TF's and then long for the long run at the retracement low.
ALL RELATED IDEAS ARE EDUCATIONAL HERE
Disclaimer
This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s, and Forex. Hence each trade setup might have different hold times, entry or exit conditions, and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.
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