Leading Diagonal Moves in 5-3-5-3-5, differentiate by the impulsive moves in 1/3/5 wave, as compared to an ending diagonal (3-3-3-3-3)
Price action in GBPAUD looks to be following of that. At this point is can only be a guess, as I'm counting it as a start of wave 1 of a bullish move upwards.
After the leading diagonal, prices typically retrace swiftly to the start of the move. this coincides with the 61.8% fibo level.
Currently pending short as we await the last smaller degree wave 5 to complete in the E wave of the diagonal.
Price action in GBPAUD looks to be following of that. At this point is can only be a guess, as I'm counting it as a start of wave 1 of a bullish move upwards.
After the leading diagonal, prices typically retrace swiftly to the start of the move. this coincides with the 61.8% fibo level.
Currently pending short as we await the last smaller degree wave 5 to complete in the E wave of the diagonal.
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