Australian dollar - short term long

Jul 16, 2018

I was asked about AXY 0.22% 0.22% - Australian dollar 0.11% 0.11% index (basically same thing as AUDUSD -0.10% 0.03% as they move in sync) so here you go guys. We had bullish hammer on daily (off the support level and 21 ema of Bollinger bands ). Bearish Elliot wave sequence 1-5 completed and what we are seeing now is ABC zigzag correction, that is pullback to previous Fibonacci arc . From there a new Elliot bearish wave sequence 1-5 will start. Its just short term long. I put my stop below 4 hours bullish morning star´s tail at 73.584 ( AUDUSD -0.10% 0.03% ). Once price reaches the Fibonacci arc it will be a great shorting opportunity (3 big bearish impulsive waves) to the next Fibonacci arc . Elliott , Gann and Fibonacci - were all right as they agree with each other. Price moves in Elliott waves between Gann angles and Fibonacci sequences. PS I couldnt fix the scale properly (even after I lock the scale Gann angles and arc still move after I press publish). But you got my point...There is a downward trendline, which agrees with Gann Fibonacci and Elliott analysis, thats where it goes...