By Admiral Markets
The EUR/AUD has been dropping heavily but at this point the ATR has already been overshot by 9 points (see the top left corner). We could see a counter trend movement in the pair where the trend line 1-3 might be a signal for a potential breakout for the long trade. Have in mind that this is a potential breakout as the point 5 might still extend to the downside. Signal for breakout is the break of 1.4296-98 to the upside and we might see EPA (Estimated Price at Arrival) target hit. EPA confluence with ATR is 1.4340-52. This is a strict Wolfe Wave because point 4 lies between points 1 and 2.
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Article by Admiral Markets
Source: EUR/AUD Strict Bullish Wolfe Wave at the Bottom of ATR
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