The Elliott Wave and Gann fraternity will be closely watching the 1:1 (Light Blue) at 0.82800, this 1:1 is the largest correction in this degree and the make or break level for the bears. If the bears fail to keep the market below this important resistance level the short covering is likely continue in the short term with the next resistance not until the 38.2 fib at 0.83670.
The best strategy going forward in my opinion is to buy intraday 1:1 dips looking for a test of the large degree 1:1 (light Blue) outlined on the daily chart.
* A 1:1 refers to a current correction being equal in length to a prior correction
The post AUDUSD: Elliott Wave fraternity closely watching 0.82800, See why? appeared first on www.forextell.com.