Bearish setup with bullish pattern in the middle // IF=THEN ®

24 Okt 2015

AUDUSD

The price broke the previous structure with a new high with an AB = CD pattern,in my view as a correction, however I'm terribly bearish with this pair (technically).

Correction between weekly supportW1 and daily resistanceD1, bulls pressure on daily supportD1 keep holding the fall. If the market create a bearish impulse, I believe we can see prices to fall and test previous structure from 2008...

The "New iMPULSE" is one clone from previous, It serves only as a demonstration of a possible event, taking into account the basic Elliot movements, but as we can see, even that way, it points to previous structure support zone from 2008 with nails. Look left ;) - "this is a copy-paste" ...

I need your constructive comments to improve my analysis in Elliot waves. Please give opinions... Thanks in advance ;)

Monthly Cypher - link below

Eventual Shark:

Point B:
61.8% XA
Point C:
113% to 161% AB
Point D:
161% to 224% BC
88.6% to 113% XC
Target:
38.2% to 100% CD

Safe trades;