$AUDUSD Short-term Elliott Wave Analysis 8.17.2016

Preferred Elliott wave count suggests that rally to 0.776 ended wave ((w)). Pullback from there is unfolding as a double three where wave (w) ended at 0.7634 and wave (x) ended at 0.775. While pair remains below wave ((w)) at 0.776, expect pullback to continue in wave (y) of ((x)) towards 0.759 – 0.762 area before pair resumes the rally higher. We don’t like selling the proposed pullback.

11AUDUSD 6020160816215858

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