hi traders.
here is my point of view for AUDUSD (TF1)
price is actually constructing the (second) right shoulder of the pattern (in my cElliot count it's the bottom of the subwave 2 of wave 3). price is also laid on a strong Support Area, & next of the 61.80% fibonacci retracement. of the bull progression.
according to the momentum, there's a useful trendline on the MACD & price is now approching it / BOCT could be broken on RSI stochastic momentum / Volume is declining since the beginning of the correction, so there's some convergence between price & volume.
and.... look how DOW Theory is respected here !!!