AUDUSD Intermediate Correction Nears Completion Level

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The current AUDUSD structure hints at a corrective wave b. This takes the form of a triple zigzag, as the final primary wave Ⓩ is currently under development

The bullish wave Ⓩ is an intermediate (A)-(B)-(C) zigzag.

Intermediate correction wave (B), which is a double zigzag, could end near 0.697. At that level, wave (B) will be at 76.4% of impulse (A).

Finally, we could expect impulse wave (C) to rise above the previous high.

audusd elliott

An alternative scenario shows that the cycle correction wave b is already complete.

Therefore, this shows the construction of the initial part of a bearish impulse, consisting of primary sub-waves ①-②-③-④-⑤.

The leading diagonal wave ① has ended, and we could now see the price rise in corrective wave ②.

Its growth is possible to the 0.726 area, where prices will be at 61.8% of leading diagonal ①.

After reaching this level, the currency pair is expected to decline below the previous minimum in primary impulse ③.

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