Best reading of Elliott wave cycles suggests EURAUD is in a triple three Elliott wave structure from 10/6 (1.4779) high. While below 1.4353 and more importantly below 1.4477 high, pair has scope to make another push lower towards 1.4222 – 1.4162 area and then bounce in minimum 3 waves to correct the cycle from 10/6 (1.4779) peak and most likely correct a larger ((w))-((x))-((y)) cycle from 9/15 (1.5096) peak as well. We don’t like chasing weakness at such a late stage in the cycles but once wave “W” is over, we expect the bounce to fail in 3, 7 or 11 swings and find sellers for another leg lower.
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