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audusd elliott

The current AUDUSD structure shows the completion of a triple zigzag in cycle wave b.

An impulse consisting of primary sub-waves ①-②-③-④-⑤ is currently under development.

Impulse ① and corrective wave ② have completed

In wave ③ö prices can be expected to reach a low of 0.683, at the level of primary intervening wave Ⓧ.

audusd

An alternative scenario shows that corrective wave b is not yet complete.

In this case, zigzag wave Ⓩ consisting of intermediate sub-waves (A)-(B)-(C) is under development.

Impulse wave (A) is fully completed whereas zigzag correction (B) is still under formation. The low of the said correction could end near 0.705.

At that level, zigzag correction (B) will be at 61.8% of impulse (A).

The market could then rise in impulse (C) above the previous high.

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