(1h) Wait for confirmation! Then proceed to ride that pip wave.

Trading is a game of probabilities, not certainties. The AUDUSD has been a headache for most Elliott Wave Theory traders. But we're about to get confirmation on whether we'll see an Intermediate or Minor Wave degree impulse or the beginning of the Primary Wave degree correction.

Sounds complicated? Let me simplify:

• Just wait for the long candle stick that will either confirm the breakout or bounce from the 0.5's fib retracement. In case it does breakout, it will definitely retrace near the 0.618 fib retracement.
  
  
• I've made a crude estimate of the dual possibilities by multiplying the odds of different fib retracements from different timespan (weekly, daily, hourly) wave structures. I've also placed in factor the good economic indicators from the US' economy released on this past week as it will surely have influence over the continued bullish movement for the DXY