by Sanjay A, January 26, 2023
by Sanjay January 26, 2023
GBP/AUD
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Long
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H1
Table of Contents
H1
Elliott Wave
My daily analysis shows price is likely to continue to range between 1.73xx to 1.82xx. There is daily divergence between price and MACD but also a confirmed H&S though I believe it’s a trap. The decline from the top at 1.8276 can be counted in 3 waves: (a) (b) (c) with (c) finding support at the 78.6% fib extension. Price action in wave (c) was contained in a channel.
Long 50% at current price and 50% at 1.7394
Stop: 1.7317
Target: 1.7860
Potential Reward/Risk: 5.2
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