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.

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