I will focus on the PnF chart of the Aussie to see where the current correction may take us. We now have two opposing counts taken from this PnF chart. The Bullish horizontal count of prior still stands with an opposing bearish horizontal count. The vertical count taken earlier, did a fine job.
As always these counts are tentative which may or may not be met or even exceeded in strong trends. Like the weather man forecasting the weather in other words. But they do give us an idea of some sort at least.
Price action behaviour in utmost importance as always.
The TENTATIVE BULLISH PRICE OBJECTIVE from the basing pattern still stands and will only be negated on a new low below the lowest low shown on the chart. A new low @ or below 68 cents will negate this BULLISH COUNT. The BULLISH COUNT is @ 92.50 as shown on the chart.
The TENTATIVE BEARISH PRICE OBJECTIVE from the mini top, taking a horizontal count is @ 69 cents. New high @ 78.5 cents or above will negate this count.
XAD chart used in analysing the Aussie is courtesy of StockCharts.com
All the information and analysis provided on this website is general in nature and for educational purposes only and does not constitute financial advice. No content in any way implies a recommendation to buy, sell, hold or short sell any financial instrument, nor is it financial advice.
Investing and trading in financial markets carries considerable risk, and should always be done in consultation with a licensed financial adviser taking your personal circumstances, financial situation, objectives and needs into consideration.
Links to other websites are inserted for convenience only and do not constitute endorsement of any of the material on those sites, or any associated organisation, product or service. Kazim Agaoglu is not responsible for the content of any site owned by a third party that may be linked to this website and such links are provided as a courtesy with no judgment or warranty being made concerning the suitability, accuracy or otherwise of the content on any such site.
Kazim Agaoglu disclaims any undertakings, warranties or guarantees, express or implied and shall not be liable for any loss or damage whatsoever arising out of in connection with the use of or reliance upon any of the information on this website. The user accepts sole responsibility associated with the use of the material on this site, irrespective of the purpose for which such use or results are applied. The information on this website is no substitute for financial advice.