Good afternoon folks, here we have GBP/AUD forming a bullish 5-0 on a 4 hour timeframe.
The measurements for a valid 5-0 pattern are: B: 1.13-1.618 C: 1.618-2.24 D: 0.50
Price has formed at the C point of 1.76 and I'm expecting a further decline to the D point which will make this trade valid, after this I expect a reversal.
The TP level is at C point The SL level is at the closest level of resistance to the D point.