The EUR/AUD has been dropping heavily but at this point the ATR has already been overshot by 9 points (see the top left corner). We could see a counter trend movement in the pair where the trend line 1-3 might be a signal for a potential breakout for the long trade. Have in mind that this is a potential breakout only as point 5 might still extend to the downside. Signal for breakout is the break of 1.4296-98 to the upside and we might see EPA (Estimated Price at Arrival) target hit. EPA confluence with ATR is 1.4340-52. This is a strict Wolfe Wave because point 4 lies between points 1 and 2.
EURAUD 30 Minute Chart