UPDATE #1: ANALYSIS: AUDUSD: Reversal? Or More Downside To Go?

Remember this post from 5 days ago?

Well, prices have unfolded EXACTLY as I described it would and now it appears for all intents and purposes that wave 5 of the larger downtrend maybe OVER. If it is, then it is possible that we will see a MAJOR TREND CHANGE occurring!

MONTHLY CHART: AB=CD Pattern Also Completed
This MONTHLY chart I posted 5 days ago showed that an AB=CD pattern has also completed.

DAILY CHART - Larger POTENTIAL Bearish Cypher
I also posted this larger POTENTIAL bearish cypher on the DAILY TF in which I said that the C point of it had not been set yet. The recent low below 70 cents may now be the C point of that cypher. If price action does confirm that C point, then we may see prices head up in the CD leg of this cypher. ***NOTE*** This larger cypher IS NOT the same cypher as you see above in the main chart.
MY TRADE PLAN
One word: LONG. I am already LONG at 70 cents as I have had standing orders sitting there for months just waiting to be triggered when prices reached 70 cents. So now I am expecting at the very least a large bullish reaction from here if not a major change in trend. Now, having said that, it is STILL possible for prices to still go lower possibly to the 60 cents level before a major trend change actually occurs. So although I am now bullish on this pair, I am keeping an eye out for the possibility that this move up may only be temporary.

*DISCLAIMER:
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

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