AUDUSD Close To Ending Triple ZigZag

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The AUDUSD structure shows a completed cycle degree impulse wave a. This is followed by a triple Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ zigzag in wave b.

Wave Ⓩ of the complex pattern has completed only waves (A) and (B) of the bullish (A)-(B)-(C) correction.

The remainder of wave (C) could form an ending diagonal should it continue up for the final leg.

Minor wave 5 could end near 0.706 top as this is the previous high recorded by wave Ⓨ. A decline can be expected after the successful completion of wave b.

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An alternative scenario suggests that the primary intervening wave Ⓧ is not yet complete.

The 3-wave move seems to be forming a simple (A)-(B)-(C) zigzag. Waves (A) and (B) of Ⓧ are fully complete. Therefore, we could expect a bearish impulse in wave (C) near 0.6778.

This is the previous low registered by impulse wave (A).

Following the completion of wave Ⓧ, we could see another zigzag in primary wave Ⓩ near 0.7273. At that level, it will be at 61.8% of wave  Ⓨ.

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