AUDUSD has turned up recently, into wave C trading towards 0.7300 area. But despite very strong recovery we are still observing idea of a triangle in wave 4) because of corrective personality up from 0.7000. If we are correct, then current gains should be limited near 61.8% Fibonacci for wave A, where pair will be expected to turn back down for wave D.
AUDUSD, 4H
A Triangle is a common 5 wave pattern labeled A-B-C-D-E that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from waves A to C, and from waves B to D. Triangles are overlapping five wave affairs that subdivide into 3-3-3-3-3.
Basic Triangle Pattern :
AUDUSD, 4H
A Triangle is a common 5 wave pattern labeled A-B-C-D-E that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from waves A to C, and from waves B to D. Triangles are overlapping five wave affairs that subdivide into 3-3-3-3-3.
Basic Triangle Pattern :
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