The EURAUD weekly chart above reveals that the rally from February 2017 low to as high as 1.61957 in March 2018 took the shape of a textbook Elliot Wave leading diagonal structure. The pattern is labeled (i)-(ii)-(iii)-(iv)-(v); wave (iv) overlap wave (i) high which make the whole advance an Elliot wave motive diagonal rather than an impulse.
The Big Picture...
With a bullish reversal already in place in EURAUD, it is now possible to identify the bottom at 1.56836 as the invalidation level for the bullish outlook. This means that as long as EURAUD is trading above 1.56856, the big picture bullish outlook remains valid.
Considering that EURAUD seems to be completed a five-wave impulse in wave 1, a...
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Strong break below previous lows and support zone.
Very bearish market structure after a long rush to the upside.
We need a midterm pullback to the upside before heading...
The EURAUD daily chart shows that the sharp bullish run from 1.53505 low in December 2018 can be seen as a five-wave impulse in wave (A), labeled 1-2-3-4-5.
The Elliot wave theory states that a three-wave correction in the opposite direction follows every impulse. In EURAUD's case, wave (B) looks like a W-X-Y double zigzag/double three retracement....
Price breakout sell level. So we need to buy now.
Open long on EURAUD 1,5749
SL - 1.5709
TP - 1.6077
RRR - 1:8.44
Very big TP so we close position early than TP.
AUDUSD and AUDJPY going lower so it good potential to take some pips.
Let's catch some profit:)
Good that i closed sell positions on last idea on EURAUD
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