fxmillions

AUDUSD - Corrective wave structure count

FX:AUDUSD   Australian Dollar/U.S. Dollar
11 months ago
The first phase of the corrective structure is a clear flat. The second phase is underway, so it could be either the green triangle or the red ZigZag. If it is to be the triangle we should see a clear reversal at the Blue trendline resistance to complete the last leg of the triangle.
On the other hand, if price clearly breaks the Blue trendline resistance, then we can safely assume for the price to go somewhere around the yellow trendline resistance in order to complete a ZigZag for the second part and an overall "double three" formation which is marked with a dark blue WXY.
There are plenty of opportunities based on the counting of lesser degrees, This counting is to get an understanding of possible price reversal points and direction on a broader view.
Nevertheless I am rooting for the triangle to complete.
What do you think ?
11 months ago
Comment: The label says, purple triangle - it should be corrected as the green triangle. I changed color for better contrast from the red.
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