AUD/USD: Elliott waves (Feb. 3)
Weekly. The pair’s forming the wave V, which is the final wave of impulse (s).
Chart. Weekly AUD/USD
Daily. At the moment the whole structure of the impulse V looks fully formed and logically complete.
Chart. Daily AUD/USD
H4. Layout of the wave V really looks quite harmonious. It’s possible that in the last section we are seeing the beginning of a new uptrend. If this is true, next week we’ll see an advance. However, don’t forget about the alternative scenario, according to which a reduction may continue. Trading against the trend is a dangerous occupation. We must wait for a confirmation that the uptrend has really started.
Chart. H4 AUD/USD
Roman Petuchov for FBS