This is with reference to my AUDUSD long term monthly chart idea, where I mentioned that the bearish trend might have ended and a new bullish long term trend is about to set in
AUDUSD has finished an impulse wave 1 or A and is most probably in Wave 2 correction right now which can be any corrective pattern except a triangle, it is too early to judge which pattern wave 2 or B might unfold into therefore we have used the most common wave 2 structure - Zig Zag as an illustration
Short or Mid term traders can enter short keeping stop loss above the high of wave 1 i.e. 0.6569 approx
Targeting 0.5 and 0.61 fib level
We are long term (Monthly Chart) bullish on AUDUSD and will enter long once fib level 0.5 or 0.61 is reached
Please feel free to comment and share your views
Let see how this plays, Good Luck !
Disclaimer: This is for informational purposes only, anyone taking trades using this idea will be liable of their own loss
AUDUSD has finished an impulse wave 1 or A and is most probably in Wave 2 correction right now which can be any corrective pattern except a triangle, it is too early to judge which pattern wave 2 or B might unfold into therefore we have used the most common wave 2 structure - Zig Zag as an illustration
Short or Mid term traders can enter short keeping stop loss above the high of wave 1 i.e. 0.6569 approx
Targeting 0.5 and 0.61 fib level
We are long term (Monthly Chart) bullish on AUDUSD and will enter long once fib level 0.5 or 0.61 is reached
Please feel free to comment and share your views
Let see how this plays, Good Luck !
Disclaimer: This is for informational purposes only, anyone taking trades using this idea will be liable of their own loss