AUDUSD is gathering bullish momentum. Given the long term bearish trend, this is a significant impulse wave towards upside. Keep an eye on this guys, this could be the reversal we all have been waiting for.
With the new impulse move. we switch to the alternate count posted in my previous idea With this new Impluse move we can expect a down ward correction. There is still a possibility of downward movement of wave c to complete Wave (b). so I keep another alternate count of wave 4 Zig Zag correction. In either of the wave counts: A correction and move up is a...
Break below the wedge confirms completion of Wave (A) (of larger Wave C from Weekly correction Pattern) This will start Wave (B)
Primary count is that wave (b) is yet to complete with one more five waves push lower. Alternate count if the price pushes high is: Wave (b) completed and wave (c) in progress with five waves push higher.
We are in the middle of a three wave correction. Wave B is completed with the Triangle correction. Expect a 5 Wave move upwards to complete Wave C.
Downward break of the triangle can start a Wave 5. Expected completion of Wave 5 can be around 191.1ish.
5 wave decline with a dragonfly doji in the position of the 5th wave. I am expecting a 3 wave counter trend rally into the green Fib zone. Larger trend is now down. A break of 134.40 invalidates idea.
The correct and wrong ways to count an impulse wave.