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AUDUSD - Was this down move to the Fib Justified? The answer is Yes. This is Why!!!

The Story:

  1. We have hit a significant Level - Resistance from Daily/Weekly chart

  2. Plutus Short Pattern at the top SI ratio 27.5/7.3>2 (that 27.5 was the highest SI on all the down waves in the uptrend)

  3. 1st Push Down with SI 23.9

  4. Hard to move up Wave with SI 25.2

  5. Plutus Reversal Short with SI ratio 34.2/8/9>2

  6. Finally another High SI at top 31.9 and price going nowhere

... and down we go.

Now let's see if this Fib Level is going to hold or not. The recent background is weakness but we have hit a Fib that buyers might come in so let's analyze the next waves - Patience.

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