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audusd elliott

AUDUSD’s pattern resembles a triple zigzag consisting of waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.

The first four parts of the primary degree pattern seem fully complete.

Prices suggest that the correction wave Ⓧ has ended.  This is a potential signal that the final correction wave Ⓩ is underway.

As part of the final wave, prices could extend near the 0.731 area. That is the upper channel resistance.

audusd

However, an alternative scenario suggests a bearish zigzag a-b-c pattern.

The cycle-degree corrective wave b seems fully complete as a double zigzag Ⓦ-Ⓧ-Ⓨ. Now we are moving down in the initial part of the impulse wave c.

In the short term, prices can be expected to decline below 0.639, i.e. below the low registered by intermediate wave (B).

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