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audusd elliott

AUDUSD seems to be forming a triple zigzag pattern consisting of sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.

Primary sub-waves Ⓦ-Ⓧ-Ⓨ and Ⓧ are complete.

In the near future, we can expect wave Ⓩ to lead prices higher to 0.773.

At that level, wave Ⓩ will be at 76.4% extension of wave Ⓨ.

audusd

An alternative scenario shows that the second intervening wave Ⓧ completed its course earlier and we are about to end the triple zigzag in wave  Ⓩ.

Wave Ⓩ takes the form of a simple bullish zigzag A-B-C that has minor sub-waves A and B fully completed. On the other hand, wave C is still under development and it is expected to finalize the triple zigzag with an ending diagonal.

In the near future, the final wave is expected to take prices up to 0.727,  on the resistance trendline.

Thereafter, the market could fall down in a new major bearish trend.

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The post AUDUSD Bullish Trend Nears Terminal Point appeared first on Orbex Forex Trading Blog.


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