The AUDUSD formation hints at the construction of a bullish cycle correction b, that takes the form of a triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ of the primary degree.
The final primary wave Ⓩ of the specified cycle is a standard (A)-(B)-(C) zigzag.
Sub-waves (A) and (B) are complete, and the impulse wave (C) is still under construction.
The final wave 5 could end near 0.792. At that level, the intermediate impulsive wave (C) will be at the 61.8% Fibonacci extension of impulse (A).
An alternative scenario shows the minor impulsive wave 3 of the bullish impulse (C) has completed.
Correction wave 4 is likely to lead prices down to the 0.754 area. At that level, it will be at 50% of impulse 3.
Finally, we could see the price rise in the last actionary sub-wave 5 above 0.781, which was formed by the minor wave 3.
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