AUDUSD 5 wave move up from 12/13 low can already be counted completed at 0.7609. However, while above 0.7511 low, another high to 0.7631 – 0.7699 area can’t be ruled out within this 5 wave move up from 12/23 low. As per the updated wave count, wave 3 is at 0.7609 and dip to 0.7511 was a FLAT wave 4. Wave ((v)) of 3 was an Ending Diagonal and wave 5 itself can also take the form of an Ending Diagonal. Once wave (A) is complete, expect the pair to pull back in 3, 7 or 11 swings in wave (B). Chasing longs here is risky and not recommended at such a late stage in the cycles. A break below 0.7511 would negate another high and suggest 5 wave move up from 12/23 low ended already at 0.7609 i.e. wave (A) and wave (B) pull back is already in progress.
AUDUSD 1 Hour chart
5 Wave Impulse
This is what a 5 wave Impulse looks like. Note that wave 1, 3 and 5 are sub-divided in 5 waves and wave 2 and 4 are sub-divided in 3 waves. We also need to have momentum (RSI) divergence between each wave ((iii)) and ((v)) and also between wave 3 and 5 for the impulse idea to be valid.
Elliott Wave Cycle degrees
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