AUDNZD: The Signal Bar is forming.

Textbook. 1-5 waves with 3rd wave Xtension within TL. Therefore​ this 5th wave cannot extend. 1HR/4HR RSI overbought and high, ticking our 2nd entry criteria. Finally, look for the 4hr high test bar (ideally) or bearish engulfing​ and enter ONLY once formed, keeping a close eye to the candle pattern. Trade down the zig-zag to​ wave 4. Conservative setting will see profits taken at the 106.20 while aggressive​ traders can trade to the 104.825 to find strong support.

Kommentera:

A leg now complete. B wave should now be in play.