WaveAlchemy
Short

AUDUSD DAILY BEAR (MAIN)

FX:AUDUSD   Australian Dollar/U.S. Dollar
Hi all,

Motive structure @ primary degree:
Primary wave 3 = 1.618 x wave 1

Corrective structure @ primary degree:
Wave 2 is expressed as a running flat in shape but its subdivision are unlike the count of a flat structure. However running flats are unusual occurrences and so because of the appearance of shape I will overlook the lack of correct subdivision.
Wave 4 at primary degree should be prolonged and relatively range bound. Most recent swing high should not be seen as the end of the correction.

Motive structure @ intermediate degree:
Primary impulse wave 3 subdivides into minor motive structure black. The subdivisions of primary 3 however unusual in their relative ratio are composed of subdivisions that have the right look. Where wave 3 < wave 1 and wave 5 < wave 3, in convention I would read such structure as a contracting diagonal. Diagonals may only occur in the wave 5 position of one higher degree - this diagonal occurs in primary impulse wave 3.

Corrective structure @ intermediate degree:
Wave 2 is expressed as a complex flat triangle subdivided into 5-3-5 in which the last actionary wave conforms to the rule that Y or has to be an impulse structure.
Wave 4 is expressed as a flat triangle with a truncated wave E finding resistance close to upper trend line of channel.

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