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Wednesday, February 29, 2012

AUDUSD UPDATE

 Ok, so yesterday I said that we might get some kind of an expanding diagonal triangle. So far it looks like that we are almost done with wave 3 and wave 4 should be in progress within 12 hours or so. Below is the chart of a leading diagonal displaying basically the same idea, but with a smaller retracement for wave 4. As I said yesterday there are many ways this can play out, but those are good possibilities for now. In either case we still need wave 5 so more upside is expected. There is a possibility that we might shoot straight up to 1.09/1.0920 or get an irregular flat as I showed in yesterdays post so I would not advise you to sell at those levels right now. I think that the best strategy could be to buy if we get wave 4 and once we have a confirmation that wave 4 is completed it would be possible to enter long position. In case it plays out as an expanding diagonal triangle, we need to go to 1.0840/1.0850 before wave 4 begins, so keep those levels in mind.
Good Luck:)

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