The current AUDUSD structure hints at a bearish zig-zag consisting of primary sub-waves Ⓐ-Ⓑ-Ⓒ. The longer-term formation looks like a triple combo w,x,y,x,z that could see an end after finalizing bearish primary wave Ⓒ.
Wave Ⓐ is a fully completed 5-wave impulse and wave Ⓑ points to a flat pattern, and wave Ⓒ just began to form.
Looking at the lower timeframe we can spot the birth of intermediate bearish impulse wave (3), as intermediate waves (1) and (2) look complete. However, note that bears should be faced with caution as intermediate wave (2) could have another leg up. That would depend on whether wave (1)’s low is fully retraced by the current downside momentum.
Should we receive validation of a successful breakout the 5-wave impulsive pattern could send bulls down near the 0.667 area or lower.
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