Translate

Monday, April 12, 2010

AUD/USD - wave 5 of C is under way



The break above 91.98 forced me to change my count to a more bullish on. Breaking above 91.98 wave couldn't already be finished and the peak at 94.05 was only the wave 3 of C peak.

Wave 5 of C should soon gain momentum for a move closer to 97.98 where wave 5 will equal wave 1 in lenght. It's quiet normal for wave 1 and 5 to be equal in lenght when wave 3 extends, as is clearly the case here.

Looking at the bigger picture is still see this rally as part of a flat correction, which would call for a deep decline back to 60.04 when wave B is done, but for now a move above 94.05 for a rally closer to 97.98 is in the cards.

No comments:

Post a Comment