AUDUSD - Wave E Analysis - End of Larger Wave 2 Est 2015
So if you saw my previous AUDUSD idea I laid out the large gumbo correction Wave 2 since 2015, if not see below.
Upon further inspection this Wave E does not look like an ending diagonal instead it looks like a basic 5 wave structure.
I need to be careful with the use of the term ending diagonal because to a hammer everything looks like a nail.
Wave 2 is expanded and Wave 4 is basic sideways.
The expected length of Wave 5 is made by taking Wave 1 and extending it up from the end of Wave 4 and it takes us directly to that line I spoke of in my previous idea.
Once this has occurred and Wave 4 of this Wave E is broken one could then use that as a sell signal and put a stop above the end of Wave 5. (Just an idea)
I will likely post an update on this when it happens.
Please LIKE and FOLLOW to get notification of updates and future posts.
Upon further inspection this Wave E does not look like an ending diagonal instead it looks like a basic 5 wave structure.
I need to be careful with the use of the term ending diagonal because to a hammer everything looks like a nail.
Wave 2 is expanded and Wave 4 is basic sideways.
The expected length of Wave 5 is made by taking Wave 1 and extending it up from the end of Wave 4 and it takes us directly to that line I spoke of in my previous idea.
Once this has occurred and Wave 4 of this Wave E is broken one could then use that as a sell signal and put a stop above the end of Wave 5. (Just an idea)
I will likely post an update on this when it happens.
Please LIKE and FOLLOW to get notification of updates and future posts.
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