Will Aussie Produce Another Rally? I'll Sell If It Does!

1 Okt 2016

Hey traders! Aussie made some interesting moves in the form of EW triangles toward target last week. Then, a deep correction produced higher highs and stopped out my re-entry. It's important to not only prepare for these types of moves, but to expect them! The corrective wave count has a bit of ambiguity so I won't be going long toward a potential fifth wave, however, it is a distinct possibility that a fresh fifth wave rally will solidify weekly highs before a continued drop. The level I'm eyeing is between the wave-(3) high and wave-(ii) high. Completed impulse followed buy a bearish impulse/pullback will trigger my short entry. More updates to come!