The AUDUSD formation hints at the construction of a bullish correction b of a cycle degree. It takes the form of a primary triple Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ zigzag.
The chart shows the final part of the primary wave Ⓩ, which is a standard zigzag consisting of intermediate sub-waves (A)-(B)-(C).
Within the intermediate impulse wave (C), we now see a decline in correction 4.
Finally, a price increase towards the level of 0.800 in a small impulse wave 5 is likely.
At that level, wave 5 will be at 76.4% of impulse wave 3.
An alternative scenario shows the cycle correction is already fully complete.
A bearish impulse wave is now currently under development consisting of primary sub-waves ①-②-③-④-⑤.
The correction wave ② is expected to end at the maximum formed by the intermediate wave (A) near 0.770.
Finally, a decline in wave ③ below the minimum formed by wave 2, near 0.726 is likely.