Forex AUDUSD Elliott Wave 18 October 2018
AUDUSD 1 Hour Chart
Wednesday, 17 October 2018 at 11:25:00PM AEST
AUDUSD is dropping like a rock at the start of the US session, suggesting that a higher degree wave 4 correction had ended with an ending diagonal in its final wave c. In such case, we now expect to see a drop in three-waves, where a break below the 0.7099 level would confirm even more weakness for the pair. Also a drop out of an ending diagonal can indicate price to reach the starting point of the pattern, which is in our case at the 0.704 region.
AUDUSD 4 Hour Chart
Wednesday, 17 October 2018 at 4:46:00PM AEST
AUDUSD completed a corrective retracement from the 0.7082 level which we labelled as corrective wave 4) as part of a downtrend. The following decline from the swing high of 0.7315 level is now seen as wave 5), final leg of a bearish cycle which can extend its drop towards the 0.7000/0.6940 region. That being said, let us also be aware of the second possibility where a low has already been put in place, and a bullish reversal may be in play.
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