Elliott Wave Analysis of EURAUD Daily Chart

All the counts are based on fibonacci extensions. An alternate wave count may show us that we are in the third of a Cwave which will be validated only if prices reach below 1.3936. Till then maintain a bullish scenario. Right now, the price is at exactly 61.8% retracement from wave (ii) of the previous degree. A buy at this point and a stoploss of 22 pips and take profit at 1.5845 will put the trade at a Risk : Reward ratio of 30: 1 which makes it a great opportunity. As with any other trade, the success rate maybe around 30-35% .
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