finitemonk

AUDUSD/SPX Correlation & Wave Count

FX:AUDUSD   Australian Dollar/U.S. Dollar
82 0 2
I'm not so much interested in the tight correlation, what interests me is the apparent same minor wave count.

As suggested previous chart on the AUDUSD             it had formed a wave e and then it did a lovely (and very profitable) 400+ pip drop off taking out the low back in September last year.

But after what I've labelled as wave (iv), ending 0.70487, of the drop it appears to be doing a repeated a-b-c pattern, suggesting an ending diagonal in the making. (This pair is seemingly in the right place to do that.)

The same as the S&P             . (Which I was trading yesterday, logging that little drop as of a-b-c form) And I THINK both have just completed wave a of iii             (?)

If all so, this may be the beginning / middle of the end of a major wave for this forex pair. And the AUDJPY             . And the commodities / crude, USDCAD             etc. connection, blah-blah … crude & the USDCAD             / AUDUSD             turning up or down into a major 4th (I think).

I would stress this is a POTENTIAL ending diagonal in formation.
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