WaveAlchemy
Short

AUDUSD 6 HOUR BEAR (MINOR DEGREE ALTERNATE 1)

FX:AUDUSD   Australian Dollar / U.S. Dollar
96 0 5
Hi all,


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 flat correction 3-3-5, and minuette wave y green of wave 2 pink is forming and possibly near completion of a simple zig zag .

Current price is held at a 78.6% retracement 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 trend line blue

Confirmation = 0.73071

Target = 0.70422 (1.618 x length of wave 1 pink)
Comment: Closer look - Wave C of Y of 2

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.

Trade active
Trade closed: stop reached
Comment: *COUNT INVALIDATED*

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.
____________

Comment: Once again, price failed to make any effort to move beyond the end of 0.74500s for some confidence. The upward movement from June is most certainly corrective. However the wave is giving most elliot wave practitioners serious difficulty. Therefore I am inclined to consider that the correction is unfolding unconventionally. Such count I will label *AUDUSD 6 HOUR BEAR (MINOR DEGREE ALTERNATE 2)*
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