GBPAUD - This is what I call "Change in Behavior of SIs"
This is the Daily Chart and there is nothing on the left, no Resistance Level , No Fib, but we a have very high SI of 173.4 nothing like that on the entire chart and that is Change in Behavior. The next SI which is at 192.1 even higher than the previous I will not consider it in my analysis because it is forming.
The Story :
No Resistance Level on the left or Fib
We have a very Slow Wave with SI 173.4. Lot's of Effort with Small Result which could be either their 1st Push Down or Hard to Move Down.
We have a Fast Wave with SI 19.2
All the top bars have never closed above the High of 173.4 down wave and therefore a Resistance Level is formed.
The way I am decoding this story is :
The first SI 173.4 downwave is their 1st Push Dn and then we have a fast fake up move with SI 19.2 . Since we have never broken the High of the 1st down wave and considering all the above my Bias is Short, but the proper analysis and Entry should be done in the 1HR timeframe where we can get the detail.
