On the 4hr chart, AUDUSD is on a recent downtrend as I see a sequence of impulses and corrections to the downside. The RSI value is around 50, which indicates that the market is correcting. I mark the high and the low and after applying trend line theory and fibo, I am able to say that:
a) The market is making a 123 to resume the downside
b) The market has made a bigger 123 for the previous up wave and it is in the making of a bigger impulse to the upside. We might be in the formation of a smaller 123.
c) The market is making a bigger 123.
a) The market is making a 123 to resume the downside
b) The market has made a bigger 123 for the previous up wave and it is in the making of a bigger impulse to the upside. We might be in the formation of a smaller 123.
c) The market is making a bigger 123.