EURAUD Short-term Elliott Wave Analysis 11.11.2016

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 double three where wave (w) ended at 1.407. Wave (x) bounce is in progress in 3, 7, or 11 swing to correct cycle from 11/9 peak (1.4885) before turning lower. We don’t like buying the proposed bounce and expect sellers to appear after bounces is complete in 3, 7, or 11 swing, provided that pivot at 1.4885 high remains intact.

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