Despite price pulling back into our previous level of structure, I still have a higher time frame bias on this pair and am looking for a potential pattern to set up. If you're a trader that likes to trade this type of pattern at the right shoulder instead of the neck line then a secondary 2618 looks to be a good way for you to get involved. \
Tomorrow evening 9:30 & 11pm (New Time), we have news releases from the Aussie, which is always,,,"interesting" considering how thin the markets are during that time.
If the chart above seems a little confusing, keep an eye out for the video release as that may clear up any questions that you may have. Of course feel free to leave them below as well as I try to answer everyone when I have the time. DO ME A FAVOR & TAKE A SECOND TO HIT THAT LIKE BUTTON AS WELL WHILE YOU'RE DOWN THERE.
Also "Don't Feed The Trolls" (DFTT) so if someone leaves a negative comment under a question or comment that you post, just ignore them, they just want attention to help brighten their sad existence. LOL
DFFT (Maybe i'll start a movement with this saying)
P.S. I'll update when the video is out assuming I'm allowed to do so via the tradingview house rules. GOOD LUCK THIS WEEK!
After a downtrend we have the first Wave 1 to the upside. It was clear 5-subwave movement as drawn on your chart. Then we've been corrected by 3-wave pullback. It could be a ZIGZAG correction but zigzags are typically deeper(especially when found after Wave 1). This correction is too shallow to be a typical zigzag (doesn't hit 0.5 of Wave 1)
What will ruin my analysis:
If we go to the upside in a 5-wave manner breaking the highs of the double top. It will be called Wave 3 (the pullback is the Wave 2). It is typically large. 1.618 times larger than the Wave 1.
What will confirm my analysis:
If we go to the upside in a 3-wave manner. This pattern is what Ellioticians call 3-3-5 Flat correction. As it is understood from the name after we have a 3-wave rise to deciosion poit the we should have a 5-waves decline back to the double bottom.
If my scenario is confirmed than I will seek for selling opportunities within the decision point. And you know we have plenty of advanced patterns during those flats and consolidations, aren't we?