WaveAlchemy
Short

AUDUSD 4 HOURLY BEAR (ALTERNATE 1)

FX:AUDUSD   Australian Dollar / U.S. Dollar
120 0 5
Hi all,
I will provide some explanation, entry and targets after making another alternate count.
P.S. do not risk trading fundamentals today

Ivan
Comment: As expected, minor wave A blue terminated as a leading expanding diagonal in which wave 5 pink at one lesser degree unfolded as an ending contracting diagonal, except its traditional target (the lower bound converging line) was not reached and the market rolled over before that could happen.

This publication will analyse how minor wave 2 blue is manifesting itself

In this first alternate count minor wave B blue unfolds as a double three labelled WXY at minute degree pink. Minute wave W pink unfolds as a double zig zag. Minute wave X pink subdivision is ambiguous . Minute wave Y pink subdivides as a conventional zig zag in which wave B subdivides as an expanding flat.

Recent price action was in line with the prediction.
Comment: A downward move occurred as expected, except in a rather untamed fashion following the 'Brexit' referendum.

Lovely resistance was found at the red Primary degree trend line just before results were published, after which the unorthodox light blue trend line (purely technical and independent of elliot wave principle) was then also beautifully respected as a valid support level. A 2% close below this line will provide confidence in the idea that minor wave B blue has ended as a double-three and that minor wave B blue is in its early stages of development.

If and only if the orthodox high is breached will I consider an alternate 2 for the wave B subdivision or consider an alternate count at intermediate degree black.
Comment: *correction*
A 2% close below this line will provide confidence in the idea that minor wave B blue has ended as a double-three and that minor WAVE C blue is in its early stages of development.
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