GBPAUD has been performing as I expected and predicted on my YouTube channel some time back. With the completion of wave 5 to the top of the structure, I have been in a short and expect wave 6 to complete to the bottom of the structure over the coming weeks. If you are not in the short already, there is an opportunity approaching to enter this trade.
There is a smaller structure formation which is setting up for a break to the downside. A break out of this structure would indicate the continuation of wave 6.
There is a smaller structure formation which is setting up for a break to the downside. A break out of this structure would indicate the continuation of wave 6.
Note
The smaller structure has formed 3 waves this far and we are in the 4th wave. There are two options when we reach the end of wave 4. 1. Price will break the structure and continue down.
2. Price will bounce and move back to the top of the structure to complete wave 5 and then move back down to complete wave 6 where it will likely break the structure and continue down.
Either way, I expect the structure to break to the downside and have large targets on the daily time frame.
Note
Note
Trading on the support level of the structure, waiting for confirmation of the break.Note
Break of the structure has been confirmed and I have entered the short position.Note
Second flag formed below the structure and has broken. This confirms direction.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.