AUDUSD HOURLY BULL (MAIN) - LONG SETUP
Hi all,
Lower trend line is adhered to almost perfectly, providing confidence in the idea that wave 4 may be over. However this doesn't conform to the ideal look since wave 4 usually takes time to develop and is not sharp. But given that the recent low at the tl ended at a typical fib level, I will make the exception that wave 4 at minor degree blue has already terminated. I will recalculate its structural formation if price indicates otherwise (i.e. when ranging).
Lower trend line is adhered to almost perfectly, providing confidence in the idea that wave 4 may be over. However this doesn't conform to the ideal look since wave 4 usually takes time to develop and is not sharp. But given that the recent low at the tl ended at a typical fib level, I will make the exception that wave 4 at minor degree blue has already terminated. I will recalculate its structural formation if price indicates otherwise (i.e. when ranging).
Minor wave 5 failed to subdivide into an impulse structure; only 2 actionary waves were formed. Truncated impulse waves (waves that fail to establish new price territory), are no exception to the tenets of subdivision.
Failure to observe a truncated 5th in this count calls for a recalculation of minor degree blue motive structure formation.