EURAUD Short-term Elliott Wave Analysis 10.21.2016

Best reading of Elliott wave cycles suggests EURAUD is in a triple three Elliott wave structure from 10/6 (1.4779) high and this cycle is proposed complete with wave W at 1.418. Pair is currently in wave X bounce to correct the cycle from 9/15 (1.5096) peak or at least from 10/6 (1.4779) peak before the decline resumes. We don’t like buying the proposed bounce and once wave X bounce is complete in 3, 7, or 11 swing, we expect to find sellers again for a new low below wave W at 1.418 or at least a 3 waves pullback as far as pivot at 9/15 high (1.51) remains intact.

31EURAUD 6020161021075112

At Elliottwave-Forecast, we offer 24 hour coverage of 52 instruments from Monday – Friday using Elliott Wave Theory as primary tools of analysis. We provide Elliott Wave chart in 4 different time frames, up to 4 times a day update in 1 hour chart, two live sessions by our expert analysts, 24 hour chat room moderated by our expert analysts, market overview, and much more! With our expert team at your side to provide you with all the timely and accurate analysis, you will never be left in the dark and you can concentrate more on the actual trading and making profits. Check out our 14 day Free Trial to sample everything we have to offer.