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audusd elliott wave

The current AUDUSD structure hints to the end of a triple zigzag in wave Ⓑ.

The final wave, wave (Z), consists of minor sub-waves A-B-C. With waves A and B complete, the impulse seen in wave C is under development. This last minor-degree move consists of a 5-wave minute-degree sub-wave.

Four out of five waves are complete and now we can expect wave ⓥ to end its course.

Prices could rise up to 0.667 in wave ⓥ. At that level, wave Ⓑ will be at 78.6% of wave Ⓐ.

audusd

We should consider an alternative scenario. According to this, the bearish wave (X) of the triple zigzag was completed at the most recent low. This scenario sees wave (X) as a running flat.

In this case, we now see the development of a minor correction which has its wave A complete. Wave B could end near 0.648, as this is the 61.8% of wave A.

Then, we can expect prices to rise in wave C near 0.667, at 78.6% of wave Ⓐ.

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