EUR/AUD - Follow up

EUR/AUD followed the Elliott path and as mentioned here a drop followed after a small rally. So I expect more from this pair but I got this one already at break-even. 

At this point 1.4779 would invalidate the count.

EUR/AUD - Follow up

As mentioned here another drop could be expected. The decline from 1.4781 unfolded in 5 waves so the most likely scenario is that this is wave 1 of larger wave 3. We've already seen a rally followed by a  3-wave decline so I reckon a 3-wave rally (wave Y of larger wave 2) is in the cards now. 

When you count this as a flat we should see 5 waves up in a C-wave, either way it should sail back towards 1.4743 for me to be interested to add on to the trade.

Above 1.4781 would invalide this count.

EUR/AUD - Might recover a bit, but then ...?

EUR/AUD made an nice move down last week and bounced from 1.4632 but it looks more like a dead cat bounce for now. I believe there is more downside to come but I would like to see a larger correction higher before the next decline takes place.

Wave 1 of larger wave C seems to be complete at 1.4632 and personally I'm looking to short this pair, not at current levels but higher, preferably around 1.4916 while 1.5069 holds.

BTW: The count in the weekly chart is the least bearish count, a bearisher count could be that larger degree wave B is already complete since we already have seen 3 waves up which would mean the Euro will fall from a cliff straight away.


Weekly:

240min:

EUR/AUD - About to turn up

The corrective structure which started from 1.5650 appears to be finished at 1.4857. A move back to 1.5650 (and beyond this level) to complete a zigzag is now likely.