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audusd elliott

The current AUDUSD structure hints at the formation of a cycle degree a-b-c zigzag.

Corrective wave b is a complete triple zigzag and consists of sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ .

In the medium term, we could see a long decline in impulse wave c to the 0.551 area.

This level is the previous low formed by cycle wave a.

audusd

An alternative scenario shows corrective cycle wave b is not yet complete. This wave takes the form of a triple zigzag.

At the time of writing, the final wave Ⓩ is under development.

In the near future, we can expect the completion of correction wave 4. The price could continue in wave 5 near 0.755. At that level, intermediate impulse wave (C) will be at 123.6% of impulse (A).

Following this, a decline in wave c can be expected.

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The post AUDUSD Triple Zigzag Hints at Trend Reversal appeared first on Orbex Forex Trading Blog.


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