Saw a top on the exact day, when wave 2 had taken 1.618 times (47 days) the amount of days wave 1 took (29 days). That add confidence in my count that wave 2 is over.
Zooming in on the latest price action, we can see on the hourly chart below, that the decline from 90.64 to 89.13 was wave i (five wave decline – see the 5 minutes chart below the hourly chart)and the rally to 90.42 was wave ii (A expanded flat – wave b broke below the start of wave a and wace c rally well above the startingpoint of wave b). Wave ii corrected 78.6% of wave i. We should now be in the early stages of wave iii down.
The current level 90.15 reprecents a very attractive risk/reward trade selling AUD with a stop at 90.75.
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