We see AUDNZD completing a potential flat correction within a bigger wave 2 with recently touched resistance zone, which can push prices lower. A flat correction is an elliott wave pattern, which consists out of three waves, with a formation of a 3-3-5. This means wave a and b have both three legs and wave c has five. Thats said, hopefully this pattern is now completed and more weakness will follow. A five wave drop will indicate a change in trend.
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for me a break of the recent low 1.0671 will help the idea along. Waiting for a full 5 wave down would mean the idea is done already. Or do you mean something else?
Olu
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thanks for this count EW. If the local high is not taken out then we are in a wave 3 down now according to your count.
ew-forecast
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@Olu, Hello, could be at the start of wave 3, yes. Well, we need minor five fall to confirm