Here is a short term long idea on EURAUD.
This is a countertrend idea so it's risker than just waiting the potential end of C wave.
The way to trade this setup is actually waiting a Wave 1 to form and buy and the END of Wave 2. (the corrective wave)
We seems to be in a Wave 4 correction (which should be a FLAT, because Wave 2 has been a ZIGZAG pattern).
Wave A : Complex WXY correction compose of double zigzag.
Wave B : Simple Zigzag with a Flat B wave within that B wave.
Wave C : *SHOULD BE* a 5 wave pattern has shown on the chart.
Again, countertrend trade are always risker and should be taken with extra confirmation. Waiting for a end of wave 2 with a clear count is NECESSARY in order to take this trade. So for me, this trade is not ready yet but could give us a great entry in the coming days for a short term uptrend before the downtrend continuation.
This scenario could also never occur and the downtrend could just keep going from where the market currently is.
I will update this analysis when I will believe the Wave 2 will be done.
This is a countertrend idea so it's risker than just waiting the potential end of C wave.
The way to trade this setup is actually waiting a Wave 1 to form and buy and the END of Wave 2. (the corrective wave)
We seems to be in a Wave 4 correction (which should be a FLAT, because Wave 2 has been a ZIGZAG pattern).
Wave A : Complex WXY correction compose of double zigzag.
Wave B : Simple Zigzag with a Flat B wave within that B wave.
Wave C : *SHOULD BE* a 5 wave pattern has shown on the chart.
Again, countertrend trade are always risker and should be taken with extra confirmation. Waiting for a end of wave 2 with a clear count is NECESSARY in order to take this trade. So for me, this trade is not ready yet but could give us a great entry in the coming days for a short term uptrend before the downtrend continuation.
This scenario could also never occur and the downtrend could just keep going from where the market currently is.
I will update this analysis when I will believe the Wave 2 will be done.
I will be waiting to get a clearer view, otherwise I will just be waiting for the sell scenario to happend and give me a safer trade.