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AUDUSD Triple ZigZag Pushes Fresh Highs

0 1,960

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.

audusd

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.

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