Nov. 8th – AUDUSD + Introduction

Good morning everyone, this is Daniel. This week I have the honor to post the daily updates (except this Wednesday) on Prof. Aldo’s behalf and I am very much looking forward to presenting you with my analysis and thoughts on the pairs. As some of you might know, I have only started my journey in trading this year in January (opened my trading account on January 5th actually) and it has been a steep learning curve from there with ups and downs, but I have been learning a lot and steadily improving under the guidance of Prof. Aldo.
I will try to be as clear as possible in my comments and analysis, however if anything is unclear or you have any questions, please do not hesitate to reach out by either posting a comment or sending me a message and I will try to answer your questions the best I can.
I hope my updates will support you in your own analysis and thought process by either confirming your thoughts or giving you an alternative view to consider during your trades.

On the daily chart, I have labeled this pair as 5 waves up finished, now working on their correction. It has already reached the 50% level at this stage. The price was rejected at the 200 SMA-Daily level as shown in the chart. We move to the intraday chart to look at the move down from (5) in more detail. On the 2H chart we see that prices found support on the bottom of the corrective channel, that coinsides with an Annual Matrix level. We are still expecting a move down from current levels to complete (C), and equality is shown at 100% projection, where I placed (C) and ((4)). So for now, we wait until the expected correction is finished, it might however already have finished wave (C). Breaking the corrective channel upwards in an impulsive manner, or making an 8 wave structure from the current bottom will make us change to the red label and call ((4)) in place.