On the previous Idea that I posted, the pattern may be invalid as the measurements where not done properly. The pattern measured was a Bat pattern but the measurements were far from each other and did not align as it should.
I do believe that the bat pattern may still be valid as long as price reaches the .886 fibonnaci marked on this chart and respects that level. However, the measurements that do align together are for a crab pattern which is the one marked on this chart.
Although I really do not expect price to reach that low, it is good to have them marked. It is also VERY IMPORTANT to understand that the Crab pattern is not valid until a break of the X point occurs. Again, I do expect price to reach and respect the .886 and bounce from there. Failure to do so then will completely confirm the crab pattern. Since there is no clear measurements in this market I would open positions carefully until a support area is confirmed.
Other markets that have confirmed measurements are EURUSD and NZDUSD which could provide better opportunities until AUDUSD either respects the .886 or form a valid support/demand area.
I do believe that the bat pattern may still be valid as long as price reaches the .886 fibonnaci marked on this chart and respects that level. However, the measurements that do align together are for a crab pattern which is the one marked on this chart.
Although I really do not expect price to reach that low, it is good to have them marked. It is also VERY IMPORTANT to understand that the Crab pattern is not valid until a break of the X point occurs. Again, I do expect price to reach and respect the .886 and bounce from there. Failure to do so then will completely confirm the crab pattern. Since there is no clear measurements in this market I would open positions carefully until a support area is confirmed.
Other markets that have confirmed measurements are EURUSD and NZDUSD which could provide better opportunities until AUDUSD either respects the .886 or form a valid support/demand area.