In my previous post, I mentioned that AUDUSD appeared to be making a downward move in an expanded diagonal. After dropping past 0.9544 previous low (counted as wave 5 of the diagonal) the pair made a quick advance upwards.
This is a beautiful trade for those who made an entry upon the break of the upper trend line.
The markets appear to have made an ABC move upwards, with a (running?) triangle for wave B. Wave C wave is almost equals to wave A, in fact slightly longer, and may indicate the end of the advance.
Looking at the 5min Chart it appears that a 5 wave advance had been completed as well. I’d monitor the down move more closely to see if it will continue is downward move.
