$AUDCAD Short-term Elliott Wave Analysis 8.16.2016

Preferred Elliott wave count suggests that rally to 1.00 ended wave (W) on 8/8. Decline from there is unfolding as a double three where wave W ended at 0.9954 and wave X ended at 1.00. Wave Y is in progress with internals as a zigzag where wave ((a)) ended at 0.9895 and wave ((b)) is proposed complete at 0.9938. Near term, as far as pivot at 1.00 remains intact, favor more downside in the pair towards 0.979 – 0.983 area next to end cycle from 8/8 high. We don’t like buying the pair.

3AUDCAD 1H20160816105410

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