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audusd elliott

AUDUSD continues to form a corrective triple zigzag wave b of the primary degree.

At the time of writing, sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ are fully complete.

The final bullish wave Ⓩ is an intermediate (A)-(B)-(C) zigzag.

In the medium term, minor sub-waves 3-4-5 form intermediate impulse wave (C) near 0.763.

audusd

In an alternative scenario, the AUDUSD pair also hints at the final primary wave Ⓩ. However, the corrective wave (B) of the intermediate degree is not yet complete.

In this case, it could have a deep correction and take the form of a triple W-X-Y-X-Z zigzag.

We could expect a decline in the minor wave Z to the 0.696 area. At this level, intermediate wave (B) will be at 76.4% of impulse (A).

After the end of this correction, prices could rise above 0.740 in the intermediate impulse wave (C).

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