AUDUSD is showing 7 swings down from 0.7914 high. Area between 0.7694 – 0.7655 is expected to complete 7 swings but our Elliott wave cycle studies and market correlation is suggesting that decline from 0.7914 high is likely to take the form of a triple three Elliott wave structure. Still we would expect to see a bounce from 0.7694 – 0.7655 area but think it would only be a correction of the decline from 0.7860 high before pair turned lower again toward lower 0.7600 region to complete wave “W”. As there is no green arrows on the chart so we don’t like buying the pair in proposed bounces and expect sellers to appear in 3, 7 or 11 swings as far as pivot at 0.7860 high remains intact in 1st degree & 0.7914 high in 2nd degree. Most likely acceleration lower would come after “X” wave bounce.
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