AUDUSD to reach down to .58500 by end of 2018 ?
Updated
I was just perusing the AU weekly chart, and this rising wedge jumped out at me.
So I drew a couple of lines and noticed:
- Wedge bottom has 4 touches, plus a PERFECT Retest
- Wedge top has 4 touches though not as perfect.
- Start of drop from previous low is clear, so that is my flag pole.
Thus I am picturing two possible targets:
1) Bottom of Wedge (previous low so a double bottom)
2) Exact Flag Pole extension (for possible EW wave 5)
I am NOT in any AU position right now, but watching.
I am NOT a regular AUD trader, so I completely missed this.
Wedge bottom retest would have been a GREAT entry with high R:R.
Will be watching for relief rallies to short at this point.
So I drew a couple of lines and noticed:
- Wedge bottom has 4 touches, plus a PERFECT Retest
- Wedge top has 4 touches though not as perfect.
- Start of drop from previous low is clear, so that is my flag pole.
Thus I am picturing two possible targets:
1) Bottom of Wedge (previous low so a double bottom)
2) Exact Flag Pole extension (for possible EW wave 5)
I am NOT in any AU position right now, but watching.
I am NOT a regular AUD trader, so I completely missed this.
Wedge bottom retest would have been a GREAT entry with high R:R.
Will be watching for relief rallies to short at this point.
Note
Watching this rally for possible shorting opp.4h chart, watching these perfect Fib extensions of down move, to see what happens around the 2.618 at .7535 ish
1h chart, shows .7538 to be the .618 retrace of the last leg down
Overlaying the two fibs, I see a VERY TIGHT zone of great interest
Overlaying those fibs on my existing Fib Zones from longer term fibs, my range to watch becomes .75260 - .75380 for a 12 pip zone
Price may not get to that zone, but it does then a short entry becomes plausible.
Note
The ''existing Fib zones'' mentioned in last pic come from this analysis:
Note
Flag break is finally gathering momentum Interestingly, the 3.618 extension of recent impulse puts target at original blue arrow
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