AUDUSD 1.15% is recovering confidently post brexit referendum and heading towards descending primary channel line red.
Structural wave formation of minute 2 pink unfolds as a double three, in which minuette wave w green constructs as an inverted 3-3-5, and minuette wave y green of wave 2 pink is forming and possibly near completion of a simple .
Current price is held at a of wave 1 pink.
Less confidence will be placed on this count if price breaches and closes above the descending primary channel line. To which I will publish "MINOR DEGREE ALTERNATE 2" that will see minor wave B blue still unfolding.
Invalidation = 0.76482 (price may not move beyond the start of wave 1 pink)
Confidence = 1% close below ascending unorthodox blue
Confirmation = 0.73071
Target = 0.70422 (1.618 x length of wave 1 pink)
Wave 5 purple unfolds as an ending diagonal. The structural subdivisions are clear 3's for waves 1, 3 and 5... less clear for 2 and 4.
Currently observing a double top (of fib lev) and divergence in rsi and price.
Ideal further confirmation from wave structure violation (end of wave 3) and EMA violation also.
This wave count states that minor wave B unfolded differently:
Minor wave B unfolded as a simple zig zag labelled minute wave a, b and c.
Since, price action may have established it's first cycle at minuette degree green.
Confidence will placed in this count if price closes 2% below ascending pink trend line.