Sunday, August 23, 2015

EurAud Could be Exhausted Upside: Imminent Sell Off.

The price movement from 1.3655 in April 2015 after the completion of a diagonal pattern highlighted how important elliot wave patterns could be. The bullish move should never be mistaken for an impulse wave.

The fact that component waves are 3-waves shows that the entire movement is not impulse not to talk of how the entire movement was perfectly placed in a channel (which is not common to Impulse waves).

The pattern was forecast to be a triple zigzag (often formed within a channel) in the Intra-day analysis of Euraud.

Elliot wave stated clearly that after a corrective pattern, a motive wave should follow and if this pattern will hold, we might see price falling in months to come.

Meanwhile, price could go a bit higher but should be contained below 1.5700-50 before the sell off.

We are prepared to follow through: you can join the daily updated Intra day analysis of Euraud.

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