AUDUSD 15 minute time frame - From the chart we can see that we are testing a recent resistance zone that has formed a short term range in this currency pair. Our Elliott Wave Indicator Suite has currently labelled the wave 1,2 and is at a wave 3 high at the resistance zone. Our special False Breakout Stochastic now has yellow dots on the overbought zone, denoting a strong Bullish Bias to this move.
Two Scenarios to trade here...
1. The price breaks though the current resistance zone leaving lots of fresh air up to 0.7600, where the next resistance zone is located. So the trade idea would be to trade the 3rd wave continuation, if we get the breakout, and then wait for a wave 4 pull back into out live pullback zones. Then trade the 5th Wave to our automated 5th wave target zone, which will be printed when wave 4 is confirmed.
2. If this resistance level is too much and we get a retracement as a wave 4 into our high probability pullback zones, along with a crossover of our false breakout stochastic in the oversold zone combined with Oscillator pullback. Then we would look to trade the 5th wave into our automated target zone that will be printed on confirmation of wave 4.
Either scenario would be high probability, but in our opinion the better trade setup would be option 1 as we get to trade the potential Bullish trend twice today..
Take a look at the video tour of our Elliott Wave Indicator Suite for the TradingView Platform >>>HERE<<<
Two Scenarios to trade here...
1. The price breaks though the current resistance zone leaving lots of fresh air up to 0.7600, where the next resistance zone is located. So the trade idea would be to trade the 3rd wave continuation, if we get the breakout, and then wait for a wave 4 pull back into out live pullback zones. Then trade the 5th Wave to our automated 5th wave target zone, which will be printed when wave 4 is confirmed.
2. If this resistance level is too much and we get a retracement as a wave 4 into our high probability pullback zones, along with a crossover of our false breakout stochastic in the oversold zone combined with Oscillator pullback. Then we would look to trade the 5th wave into our automated target zone that will be printed on confirmation of wave 4.
Either scenario would be high probability, but in our opinion the better trade setup would be option 1 as we get to trade the potential Bullish trend twice today..
Take a look at the video tour of our Elliott Wave Indicator Suite for the TradingView Platform >>>HERE<<<
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