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Old 08-28-2009, 02:50 AM
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AUDCAD
The daily chart of AUDCAD looks like its got a clear 5 wave decline in place followed by an ABC correction which is almost finished.. In Elliott Wave terms the clear 5 wave drop represents a likely trend change into bear mode and therefore I am looking for resumption of the move lower back towards the previous low at .8794 ---//--- The 61.8% retracement level of the 5 wave decline is proving to be formidable resistance but it looks like we'll see a quick pop just above there to the 76.4 retracement level at .9251 to find the exact top before a move back to .8794 --//--

I have short entry waiting at .9230 with a stop in place at .9285 and a medium term target .8800

Here's the daily chart and the 8 hour chart --->



Last edited by brad_1199; 08-28-2009 at 02:56 AM..
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