EUR/AUD looks like it has made a clear 5 wave move up from the April low.
I have drawn the 2-4 trend line and when this is extrapolated from wave 3 it catches the top of the move
Wave 4 is 38.2% of the entire impulse which agrees with the fibonacci divider
Wave 5 is also around 38.2% of wave 1-3
I am short from 1.5139 and am looking for 1.4640 as my first target. Eventually I am looking for a move into the 50% retracement at 1.4480. My stop is at 1.5280 just above the wave 5 high
This is how I have labelled the move off the wave 5 high.
I have drawn the 2-4 trend line and when this is extrapolated from wave 3 it catches the top of the move
Wave 4 is 38.2% of the entire impulse which agrees with the fibonacci divider
Wave 5 is also around 38.2% of wave 1-3
I am short from 1.5139 and am looking for 1.4640 as my first target. Eventually I am looking for a move into the 50% retracement at 1.4480. My stop is at 1.5280 just above the wave 5 high
This is how I have labelled the move off the wave 5 high.