EURAUD Short-term Elliott Wave Analysis 11.10.2016

Short Term Elliott wave cycles suggests that decline to 1.418 ended wave W and bounce to 1.4885 ended wave X. Decline from there is unfolding as a zigzag where wave (a) is in progress as 5 waves and a marginal low is expected to end wave (a) before cycle from 1.4885 ends. Afterwards, expect a wave (b) bounce in 3, 7, or 11 swing to correct cycle from 1.4885 high before pair resumes lower again. We don’t like buying the proposed bounce and expect bounces to find sellers in 3, 7, or 11 swing, provided that pivot at 1.4885 high remains intact.

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