Price has reached the sliding parallel of the downsloping median line at the same level where the median line of the upsloping median line acts as resistance. We now should keep a closer eye for a sell setup completion, in order to join a potential sell off. Below you may see what we may expect for the upcoming week. In case price breaks below the rising channel, wait for a correction and sell AUDUSD.
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For those who trade using chart patterns, in the 240min we have a head and shoulders pattern. You may enter at current level with price being at the level of the left shoulder or wait for the breakout below the neckline.
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Price finally dropped breaking below the uptrend. We should now watch for a correction and sell joining the sell off.
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As expected price is developing a correction. Selling the flag and you will be in a great sell position.
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WRONG CHART..! This is the one :)
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Finally we got the breakout.. It's time to sell :)
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Price keeps sinking and in the same fasion we wait for corrections after impulsives in order to add to our intial position. Once again wait for a correction and sell AUDUSD. In case structure changes i will let you know.