AUDUSD Going up! Gartley and Potential Cypher - Bulls and Bears
So it is taking its time - but its getting there. With the release of some good data, AUDUSD heading north and it was just a matter of time with the technicals coming into play. We have:
1. Bearish Gartley forming with the perfect 61.8 fibs in play - this is the green one with almost a 2:1 risk reward of 80 pips of potential profit at 1st targets of 38.2 fib
2. In the long run, maybe going into end of next week, a potential Cypher pattern forming which I will be pointing when closer to completion but currently looks like the pink drawing.
You could note that currently in the 3rd Elliot wave so wait for the Gartley to stretch a little bit more before shorting :)
1. Bearish Gartley forming with the perfect 61.8 fibs in play - this is the green one with almost a 2:1 risk reward of 80 pips of potential profit at 1st targets of 38.2 fib
2. In the long run, maybe going into end of next week, a potential Cypher pattern forming which I will be pointing when closer to completion but currently looks like the pink drawing.
You could note that currently in the 3rd Elliot wave so wait for the Gartley to stretch a little bit more before shorting :)