In this AUDUSD 15-minute chart, my Elliott Wave analysis suggests a SHORT position could be advantageous. The chart depicts a completed five-wave advance, followed by an apparent A-B-C corrective pattern in the making. The final fifth wave peaked and we are now seeing a typical retracement pattern taking shape.
The corrective wave (a) has taken place, and the bounce for wave (b) seems to have hit its peak, with the market now appearing to move into the wave (c) sequence. This final leg could potentially take the price down towards the Fibonacci levels at 0.65332 or extend further to 0.65103, corresponding to the 1.618 extension.
Traders should look for further bearish confirmation as the wave (c) develops, which could provide a more favorable risk-to-reward ratio for a SHORT position. It is always prudent to exercise sound risk management, and in this case, that could involve setting a stop loss just above the end of wave (b). Keep an eye out for any potential reversals or signs that the count may need to be reassessed, as the market dynamics evolve.
The corrective wave (a) has taken place, and the bounce for wave (b) seems to have hit its peak, with the market now appearing to move into the wave (c) sequence. This final leg could potentially take the price down towards the Fibonacci levels at 0.65332 or extend further to 0.65103, corresponding to the 1.618 extension.
Traders should look for further bearish confirmation as the wave (c) develops, which could provide a more favorable risk-to-reward ratio for a SHORT position. It is always prudent to exercise sound risk management, and in this case, that could involve setting a stop loss just above the end of wave (b). Keep an eye out for any potential reversals or signs that the count may need to be reassessed, as the market dynamics evolve.
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