Forex Trading Library

AUDUSD Double or Triple Zigzag? 06-04-2023

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Chart of AUDUSD

In the long term, AUDUSD seems to be forming a global correction b of the cycle degree. This takes the structure of the primary double zigzag Ⓦ-Ⓧ-Ⓨ.

As part of the actionary wave Ⓨ, the intermediate correction (B) has ended as a triple zigzag W-X-Y-X-Z.

At the moment, an impulse (C) can be built, consisting of minor sub-waves 1-2-3-4-5.

It is assumed that impulse (C), like the previous impulse (A), will end at a minimum of 0.617.

Chart of AUDUSD

Let’s look at the second scenario, where you can see the incomplete intermediate correction (B).

There is a possibility that the correction (B) will take the form of a triple zigzag W-X-Y-X-Z, as in the first scenario, but its end will be slightly higher.

Most likely, in the last section we see the construction of a minor wave Z. This wave could end in the form of a minute double zigzag near 0.731.

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

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