TRADE: AUDUSD - BUY@.71200

By my wave count, we should see prices start moving up soon. It could still decline some more but eventually soon will rise. A break above the extended upper TL of that completed expanding triangle pattern will confirm this move. The current consolidation should be a wave (iv) of (v) of (1) of the larger (iii). So in essence, we have already started the wave (iii) move up.

The stops for this go below the lows at where I have marked the wave (ii) ending. If prices do get below that point, then all bets are off and we could be looking at a substantial decline instead of a massive move up.

This is a LONG TERM trade so it may take some time for it to work and also the SL is larger (though still under 100 pips). The risk:reward is 2.77 so more than worth it.

The TP1 will be at the B point of the Bat which of course is also a MAJOR SR Structure.