This pattern resembles a triangle 👇 ⠀ 📚 According to EW theory, each wave of a triangle has an ABC structure, which is clearly visible in this case. ✍️ I have pointed it out in the video for your attention. ⠀ 🔺 Another important point is that a triangle is a trend continuation pattern. ⠀ 📈 AUD/USD has a long-term upward trend, so it is likely that the trend will continue after the triangle completes. ⠀ 🙏 Wait for a breakout of the trend line as additional confirmation of the bullish impulse
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I recorded a video about what I said yesterday. ⠀ If we look at the basic options, in Wave 4, we may see a three-wave ABC correction or an ACBDE triangle pattern. ⠀ It’s still too early to say for sure what the final pattern will be, because we don’t have enough data yet. ⠀ I gave an example of what an ABC correction could look like. ⠀ And the second thing to look at is the Fibonacci levels. Look at the market reaction. ⠀ After the correction is complete, I’ll look for opportunities to buy gold
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