After the trend reversed to took out our position with 35 Pips profit , i m moving out of the AUD.USD and going into the chart the holds the clearest Elliott waves setup in all pairs ,,, CAD.JPY , as its shown on the chart , it holds a clear 4th wave triangle with the 5th wave to go soon ,, the risk is very good defined here on the chart as i cant see the price noise that i see in the AUD EUR and the complex correction there , the risk will be limited to a break up from the pattern at 83.80 , the break of the bottom confirms this count and signals the start of wave 5 , first target is 80.50 .
a very important notice on the chart is that wave 1 is bigger than wave 3 so wave 5 cant be bigger than wave 3 as that will make wave 3 the smallest in this wave and that will invalidate the count ,, so i ll be cautious on taking out profit as early as possible .
the trade is ,,, short half position at 83
second half at 83.35 , stops 83.90 first take profit at 80.60
its very common that wave E ends before the test of the triangle upper line and thats why i m building this position before that test , and if i see a break of the 82 level i might jump in with a short ,, stay alerted to my twitter
GL
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