AUDUSD - SELL IDEA

In this chart, I've analyzed the AUD/USD currency pair on a 15-minute timeframe using Elliott Wave theory. It appears that the market has completed an impulsive five-wave structure to the upside, labeled (1) to (5), which suggests an overall uptrend.

Following the completion of the impulsive waves, the market typically enters a corrective phase, which I've anticipated with the (a), (b), and (c) labels. The end of wave (5) and the start of the corrective phase (a) are marked by the peak and subsequent decline on the chart.

I've drawn two dotted lines projecting potential paths for the corrective wave (a) to take, targeting the Fibonacci retracement levels of 0.5 and 0.618. These levels are common areas where the price might temporarily find support or reverse.

The circles indicate where I'm watching for possible reactions in the market, which could signal the end of the correction and the start of another impulsive wave or further correction. This analysis helps in planning trading strategies based on the potential turning points in the market.

Trade closed: target reached