Forex Trading Library

AUDUSD Has the Intermediate Correction (B) Ended?

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Chart of AUDUSD

There is a high probability that the AUDUSD pair is forming a global correction wave b of the cycle degree. This could soon end in the form of a primary double zigzag Ⓦ-Ⓧ-Ⓨ.

Impulse wave (A) and intermediate correction wave (B) as a triple zigzag W-X-Y-X-Z have ended.

On the last section of the chart, the second half of the final impulse (C) can be built, consisting of minor sub-waves 1-2-3-4-5.

Impulse (C), like the previous impulse (A), will end at a minimum of 0.617.

Chart of AUDUSD

However, an alternative scenario could indicate an incomplete intermediate correction (B). This means that the price growth will continue.

Perhaps the correction (B) will be a triple zigzag W-X-Y-X-Z, as in the first scenario, but its finale will be slightly higher.

Most likely, in the last section of the chart, the price began to rise in the final minor wave Z. This wave could end in the form of a minute zigzag near 0.731.

At that level, correction (B) will be at 76.4% of impulse (A).

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