EURAUD, 4hr timeframe, ABC correction of Elliot Waves
Updated
On the 4hr timeframe we could clearly see there is an ABC correction after 5 waves already completed.
This ABC correction is from a bigger ABC degree on the ending diagonal of 5th wave so it was a bit tricky to play.
Focusing only on the yellow box area it clearly looks like a flag pattern and price broke through the support with 2 solid red candles.
We could see price continue to decline until 1.6100-1.6110 area which is still 150 pips to the downside.
Sell EURAUD around 1.6260-70
Stop loss 1.6350
Take profit 1 @1.6180
Take profi 2 @1.6100
good luck
This ABC correction is from a bigger ABC degree on the ending diagonal of 5th wave so it was a bit tricky to play.
Focusing only on the yellow box area it clearly looks like a flag pattern and price broke through the support with 2 solid red candles.
We could see price continue to decline until 1.6100-1.6110 area which is still 150 pips to the downside.
Sell EURAUD around 1.6260-70
Stop loss 1.6350
Take profit 1 @1.6180
Take profi 2 @1.6100
good luck
Note
i already take partial profit on tp1 remainning position closed manually as i see this pair can reverse up
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