TRADE: AUDUSD: BUY@0.69170 LONG On Shark + Cypher

7 thg 9, 2015

I'm already in LONG on this pair by way of my just posted analysis on this pair (see Related Idea: "ANALYSIS: AUDUSD: Is Wave 3 Done? If So, Where Will Wave 4 Go?") and also this POSSIBLE POTENTIAL bearish shark pattern's CD leg. I am putting my S/L at 0.69610 to give this trade some room and also to allow the C point of that cypher I posted in my analysis to establish should prices fall more.

If or when the shark completes, then I would expect prices to retreat back down to complete the bullish 5-0 pattern before going back up to finish wave 4 and hit the Wolfe Wave targets. For those that don't know hat I am referring to, please see my ANALYSIS post. Also notice that the shark pattern would complete at/near the upper trend line of the ending diagonal which should cause a brief rejection before breaking through. This is typical pattern breaking price action.

I would expect prices to target around the 72-74 cents level (yes, I know I said 72-73 cents in my analysis) to complete wave 4.

Good luck!

*DISCLAIMER:
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