Here is a ending diagonal count for the AUD/USD pair. If this count is correct it would explain the three wave move from the red 4 at 0.8578. Price has recently broken above the downward sloping trend line which has been very important on several occasions in the past. This is a bullish sign, however I am not certain price action can stay above the line for long. The move from the red 4 definitely doesn't look impulsive so price action using EW can be hard to define. There is always the possibility we are still consolidating and price will remain withing the 0.86-0.94 range which has held it for the most part for over 7 months. At this point in time with all the uncertainty associated with this pair I would not recommend taking any positions in it.
Do you mind if I ask how you're doing this year in implementing Elliott Wave into your trading? tim.kosen@gmail.com
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