I have relabeled the elliot count to something more pleasant to see. Is it reliable? No, it is not.
Watching merely price action, last bar change bias in the audusd, making a lower high and a lower low so further decline could happen next. Stoch has made a bearish crossover but is still in overbought zone. Even though the doji has established a 1.0002 high, further advance can happen as discussed in previous posts. We have to consider though last bar is still bullish in nature so a break of its range would give a better understanding of future price action.
Daily
As said before in the last post, really interesting week to see the market. Critical times to learn. I'm almost sure that not just one got chopped out and eaten up by the market last week. In this chart we can see that the break of the regression channel to the down side did occur, forming a wide bearish candle, and then is when became interesting. Price bounced back defining a new support zone and consolidate for the following days. This consolidation, formed by long bars almost shaping a symmetrical triangle, is called Shark32. This is not a perfect Shark32 but close. Next week we will see which direction the market choose but with the prevalent uptrend, more than likely, a continuation would follow. The interesting thing here is that price has formed a wide range with a couple of inside bars so the best plan to follow would be wait till price gives us more clues. Price might trade inside the range for a while or break in either direction. False break outs are always a possibility. Next week also is worth to watch.
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