Note: As market price unfolds, chart becomes clear. Here my AU market analysis is based on Price action, Market structure,
Elliot wave principle and Fibonacci retracement.
PRICE ACTION;
market price is currently in a strong zone of supply from my view.
MARKET STRUCTURE;
price has for potential reversal patterns, market is in gradual distribution with price sliding down in a down trend forming
lower highs and lower lows.
ELLIOT WAVE PRINCIPLE;
price currently forming a complex ABC corrective structure. already an ABC has unfolded, I expect another ABC correction.
FIBONACCI RETRACEMENT
the fib will guide to know where the new wave will be exhausted. I expect it around 68.10%, 78.60% fib level.
If this is achieved then a lower higher will surface, giving a Sell opportunity.
TRADE WITH PROPER RISK MANAGEMENT
Elliot wave principle and Fibonacci retracement.
PRICE ACTION;
market price is currently in a strong zone of supply from my view.
MARKET STRUCTURE;
price has for potential reversal patterns, market is in gradual distribution with price sliding down in a down trend forming
lower highs and lower lows.
ELLIOT WAVE PRINCIPLE;
price currently forming a complex ABC corrective structure. already an ABC has unfolded, I expect another ABC correction.
FIBONACCI RETRACEMENT
the fib will guide to know where the new wave will be exhausted. I expect it around 68.10%, 78.60% fib level.
If this is achieved then a lower higher will surface, giving a Sell opportunity.
TRADE WITH PROPER RISK MANAGEMENT