AUDUSD: Waiting wave (B) To Finish

FX:AUDUSD   Australian Dollar / U.S. Dollar
35 2 0
This pair has been on a terrible tumble for a long time! Could it have finally come to a stop now at the 69 cents level? In my previous most recent analysis on this pair I posted 10 days ago (see Related Ideas: "ANALYSIS: AUDUSD: Reversal? Or More Downside To Go?"), I showed that the wave (v) should've ended at or near the 70 cents level and that if 70 cents did not hold, this pair could tumble towards the 60 cents level. This is what I still think will happen now that 70 cents has been broken. This pair will eventually target near 60 cents before the MAJOR OVERALL down trend is done. But first, I believe that the wave 3 of wave (B) is done at 69 cents level and we will now see a wave BRIEF wave 4 before wave 5 starts and reaches down to 60 cents area. So let's now see why I think this and where I think wave 4 will end.....

The main chart above, I am showing a POSSIBLE POTENTIAL bearish cypher . I label it as POSSIBLE because as of yet, the C point is not set. It could still fall a bit more. But for the cypher pattern to hold, prices can't fall past 0.68619. Or else the cypher will be void. That DOES NOT mean that if that happens, then wave 4 is also void. Even if prices were to fall more, it is still the ending of the wave (v) of 3 happening. It's would be just a matter of where it ends and wave 4 begins. Also notice that the cypher pattern would complete just at or near the Wolfe Wave target line between 72-73 cents area. See below charts for more on the Wolfe Wave pattern.

Related Ideas

Maybe you should create your own chart and not use other people's chart.
+1 Reply

why not?
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