AUDUSD short position UPDATE: new AU targets

This is an update to my bigger picture short Idea:

When I posted the above Idea, wave 4 correction was just starting.
As wave 4's often do, it consolidated and then formed a bear flag.
Today some bad econ news out of China started the final leg down.

The green zones are upcoming support areas to watch.
I will be taking some profit at each zone, and trailing a stop on the remaining position.
Trailing stop will be placed just above the last zone to be crossed in each case.
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Background:
I am a longer term AUD bear, anticipating a serious drop yet to come

Since then I have been looking for shorting opps such as this plan:

After some good news about the US-China Trade War, I was expecting a significant move up:

As the above impulse wave up was ending, the top came into focus for shorts

My last plan was to let wave 4 retrace (up) take place and then try to catch wave 5 down

So the current Idea is to fine tune the targets for wave 5

Kommentera:

AU almooooost touched my first zone

The low was .71511, which makes sense

somebody wanted to buy 7150, so the limit order was at 71511 like I often do myself!