AUDUSD made a nice recovery in the last couple of hours, which can be labelled as sub-wave c of a bigger wave B correction. Resistance and a reversal for wave B can be found around the Fibonacci ratio of 61.8, from where a bearish reversal may follow.
AUDUSD is turning lower more aggressively than we thought this week so it appears that pair is once again headed lower for a deeper pullback. Adjusted wave count suggests this is an A-B-C substructure within red wave B) against the previous five wave rally in A). If we are on the right track then current reversal will slow down around 0.7160 swing support.
$1 for a 20 Day Trial Membership to see, hear, learn and progress...
Forex AUDUSD Elliott Wave, Forex AUDUSD, AUDUSD Elliott Wave, Forex, AUDUSD, Elliott Wave,
Get Your Trial
20 Days for $1
Pete, I don’t know how you’re doing it but your ability to pick the fall of last night/this morning is impressive. Just wanted to say keep up the good work and looking forward to the latest ASX200 video! Cheers, Daniel B. VIC
Hi Peter, I have to say I am really happy with the practical and grounded accuracy of your updates. With the deluge of data and emotions in trading online it's nice to have the safe haven of your insightful daily updates! Regards. Rod M. NSW
Hi Peter, I have been a TradingLounge Member for only a short time, but I would like to say that I am very happy with what you are doing. A couple of Forex trades that I've done in the past few weeks have put me nicely in front. Thank you. Alan C. QLD
Hi Pete, I HAVE CHANGED from a person with very little experience or knowledge of the stock market a few months ago to pretty much being taught the essence of the market by a market guru (you). I call you Grand Master Pete. Lee M. WA
I will encourage my mate to become a member because it has helped me heaps, with all the educational help from Pete as well as the daily service and the seminar. It's all great, where do I stop? Great service at a great price! Thanks again Jason N. VIC