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
At Elliottwave-Forecast, we offer 24 hour coverage of 52 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 we have to offer.
Back
