AUDUSD Elliott Wave View: More Downside Is Expected
Hello Traders,
AUDUSD short-term Elliott wave view suggests that the bounce to 0.7455 high ended blue wave (B). Down from there, the pair has broken to new lows confirming the blue wave (C) lower. The internals of the decline is unfolding as impulse where red wave 1, 3 & 5 are expected to unfold in 5 waves structure. While red wave 2 & 4 can be can be any 3 waves corrective pattern i.e either double, triple three etc.
Down from 0.7455 high, red wave 1 is proposed complete at 0.7201 low. The internals of that decline showing sub-division of 5 waves structure in lesser degree cycles. Where black wave ((i)) ended in 5 waves structure at 0.7431. The black wave ((ii)) bounce ended at 0.7445. Then black wave ((iii)) ended at 0.7249 low in lesser degree 5 waves structure. Up from there, the bounce to 0.7299 high ended black wave ((iv)). Below from there, the decline to 0.7201 low ended black wave ((v)) in lesser degree 5 waves structure and also completed red wave 1. Above from there, the pair is doing a red wave 2 recovery & expected to fail in 3, 7 or 11 swings as far as a pivot at 0.7455 high stays intact for further downside. We don’t like buying the pair & prefer more downside against 0.7455 high.
AUDUSD short-term Elliott wave view suggests that the bounce to 0.7455 high ended blue wave (B). Down from there, the pair has broken to new lows confirming the blue wave (C) lower. The internals of the decline is unfolding as impulse where red wave 1, 3 & 5 are expected to unfold in 5 waves structure. While red wave 2 & 4 can be can be any 3 waves corrective pattern i.e either double, triple three etc.
Down from 0.7455 high, red wave 1 is proposed complete at 0.7201 low. The internals of that decline showing sub-division of 5 waves structure in lesser degree cycles. Where black wave ((i)) ended in 5 waves structure at 0.7431. The black wave ((ii)) bounce ended at 0.7445. Then black wave ((iii)) ended at 0.7249 low in lesser degree 5 waves structure. Up from there, the bounce to 0.7299 high ended black wave ((iv)). Below from there, the decline to 0.7201 low ended black wave ((v)) in lesser degree 5 waves structure and also completed red wave 1. Above from there, the pair is doing a red wave 2 recovery & expected to fail in 3, 7 or 11 swings as far as a pivot at 0.7455 high stays intact for further downside. We don’t like buying the pair & prefer more downside against 0.7455 high.
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