I think we are in a Wave 4 correction on the macro picture,
his makes sense to me as wave 1 was a simple correction and based on the theory of alternation the wave 4 could be a complex correction or possibly triangle (as shown)
Right now I am currently positioned long to try and trade the C wave up within the triangle and then look to trade the D wave down to the triangle support... these moves are still quite large and several hundred pips each way
Longer term if this pays out it is quite possible that AUDNZD breaks below parity and could possibly reach the 5th wave projection clusters as shown, although this will take a very long time to eventuate IMO, and/ or may signify weakness in the metals overall
Interesting that there are perfect clusters Fibonacci clusters even on macro timeframes, and a rough road map to trade between on lower timeframes!
his makes sense to me as wave 1 was a simple correction and based on the theory of alternation the wave 4 could be a complex correction or possibly triangle (as shown)
Right now I am currently positioned long to try and trade the C wave up within the triangle and then look to trade the D wave down to the triangle support... these moves are still quite large and several hundred pips each way
Longer term if this pays out it is quite possible that AUDNZD breaks below parity and could possibly reach the 5th wave projection clusters as shown, although this will take a very long time to eventuate IMO, and/ or may signify weakness in the metals overall
Interesting that there are perfect clusters Fibonacci clusters even on macro timeframes, and a rough road map to trade between on lower timeframes!