On this Daily AUS/USD Forex chart we were counting the Corrective wave. Last week entry we labeled the waves with an A,B, and were looking for the C Wave to break out and take out the low of the A Wave.
Today that happened, and we are currently in the C Wave down. Going to a 4 hour chart we can see the internal wave, and it is just at 3 of C indicated by the AO peak being at its tallest point/peak. This indicates we have more downward price action to come before this correction is over. C Waves have 5 waves like an impulse wave, so we will look for those conditions to be met.
The current C Wave is at a 50% retracement of the impulse wave, so it looks like we may see it go down to at least .618 (.7200-.7400 range) before completing C down.
We did have a PROFITUNITY Wiseman Bearish divergent signal to enter a short position before it started to trade back down. There were also several Fractal sell signals, all below the Gator’s mouth.
We will watch the C wave and look for 5 waves to complete before considering a long position.
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