AUDUSD 4h Wave Count
Dec. 22, 2023, 9:51 a.m.
It's a clear chart that AUDUSD is in its last wave of the 3rd wave. So, we may see a small move up then head down for to the 4th wave.
But it is better to wait to be sure the 3rd wave is completed if you want to short for the 4th wave. So we have to short after the red 5th wave trend line is broken.
Due to the difficulty of determining the take profit target of the 4th wave trades, the take profit point can be determined according to the classical technical analysis methods.
This means that the sell position can be started with the trend line break and take profit can be targeted the bottom of the up channel. The second approach for to sell is that the top of the 3rd wave is determined as stop loss and with 1/3 PR rate after the break of the trend line.
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