UPDATE #1: ANALYSIS: AUDUSD: Going Up....But For How Long?

In that last post see Related Ideas: "ANALYSIS: AUDUSD: Going Up....But For How Long?"), I had mentioned about this POTENTIAL bullish bat that had it's ending right back down by previous structure. After that post, prices fell back down but has yet to reach the D point of this bat. Prices have broken the BAMM line and that suggests that this bat will get filled. As of this post, prices have gone back up to test the BAMM line.

As I have also noted on the chart, there may be some question as to whether this bat is actually still valid since prices did in fact break the A point of this bat. Yes, prices did go higher than the A point but what makes it still a valid pattern is that prices did not CLOSE above the A point. For me, that kind of price action DOES NOT invalidate the pattern and in fact, gives it even MORE VALIDITY. By doing what it did, prices actually formed a TRIPLE TOP pattern which was a good signal to actually go SHORT and you see what happened.

You'll also note that I have a Wolfe Wave on the chart as well. I apologize but I did not post this Wolfe Wave trade although it is a trade I took privately. I just didn't have the time to post it and I don't post ALL my trades either. I do make a lot of trades that I don't have time to post all of them on here. But this Wolfe Wave as you can see worked to perfection. Not counting that as a posted trade as it wasn't but I leave it on the chart for all to see so that hopefully, you will know what to look for yourselves next time.

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If and when prices have reached the D point and filled the bat pattern, it will be a very good place to get LONG on this pair for the ride back up. Could be an expanding triangle pattern that is unfolding for this 4th wave retracement.