$AUD/USD Short Term Elliott Wave Analysis 8.12.2015

Rally to 0.7439 ended wave (X). Wave ((w)) decline from this level is unfolding in a zigzag structure where wave (a) ended at 0.73, wave (b) ended at 0.7356, and wave (c) of ((w)) is in progress as five waves and expected to complete with one more swing lower towards as low as 0.7186. The pair should then be expected to bounce in wave ((x)) to correct the decline from 0.7439 in 3, 7, or 11 swing before the next leg lower. We do not like buying the proposed wave ((x)) bounce. As far as 0.7439 pivot remains intact, expect the bounce to fail below 0.7439 for the next leg lower.

At EWF we offer  24 hour coverage of 42 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 Trial to sample everything EWF has to offer!

Back

Subscribe to our Forex Blog

First Name: *
Last Name: *
Your Email Address: *