$AUD/USD Short Term Elliott Wave Analysis 5.29.2015

Current preferred Elliottwave view suggests rally towards 0.8163 completed wave ((A)). Wave ((B)) decline from 0.8163 is unfolding in the form of a double correction (W)-(X)-(Y) where wave (W) ended at 0.7857, wave (X) ended at 0.7931,  and wave (Y) is in progress towards 0.7554 – 0.7627 equal leg area. If the pair makes equal leg from wave (W) and wave (X) connectors, then wave ((B)) low is expected to complete at 0.7554 – 0.7627 area.

The internal of wave (Y) decline from 0.7931 is taking the form of a double correction W-X-Y where wave W ended at 0.7689, wave X ended at 0.7761, and wave Y is currently in progress. If the pair makes equal leg from wave W and wave X internal connectors, then wave ((B)) low can complete at a slightly lower level towards 0.7468 – 0.7524.

Expect some profit taking from 0.7468 – 0.7627 area when wave ((B)) is complete, and the pair to bounce at minimum 3 waves to correct the decline from 0.8163 per Elliottwave hedging idea.

AUDUSD 6020150529094819

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