EURAUD is currently @ wave 4 of Elliot wave after break out of triangle as seen here:Price broke the triangle decisively and so we start counting waves.
Wave 1,2,3 falls in place perfectly and now we can see px attempting to reach back up to the triangle which forms wave 4.
Since wave 4 can’t enter the zone of wave 2, I have drawn the black horizontal line as “resistance”. If that is broken, then we have to recount.
Predicted wave 5 should also surpass the previous Low (purple horizontal line) to be valid
Coincidentally, the “resistance” falls near the 61.8% retracement of wave 2 & 3. So there’s higher chance that price will fall soon.
Since macd is still green and has not weaken, I shall not enter into a position.
Wait for it to weaken and ema to turn downward.
When that happens, macd likely to also show bearish divergence:
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