Australian Dollar / U.S. Dollar

Long

Bullish Count

Updated

a potential buy opportunity to catch wave C or 3

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pink wave B or 2 almost hit the 38.2% retracement level
pink wave B or 2 is an expanded flat, where blue wave {c} = approx 1.618 blue wave {a}

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short-term count

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diagonal?

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could be another fall to complete wave (c) of a flat correction
immediate push above 0.7127 would argue a different structure is under way

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wave B (or 2) is still in progress

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either way

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if wave (c) is part of a triangle then green i-ii become a-b

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or

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trend remains bullish as long as price trading above the lower channel line

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a solid close above the corrective channel would be a bullish sign

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short-term count

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'When you have eliminated the impossible, whatever remains, however improbable must be the truth.'

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