AUD/USD: Elliott waves (Mar. 3)
By Roman Petuchov for FBS
Weekly. After completion of the global correction [b] we are seeing the start of construction of a new upward impulse [c].
Chart. Weekly AUD/USD
Daily. The pair is forming the beginning of a new trend. The upward impulse (1) is complete, and we are seeing the beginning of a corrective decline within a small wave (2).
Chart. Daily AUD/USD
H4. The wave 5 of (1) was cut off as the whole force of the bulls went into the construction of wave 3 and they weren’t able to advance wave 5 to “normal” boundaries. It may also mean that we’ll see a deep correction (2) of the wave (1). Most likely the wave (2) will take the form of a Zigzag.
Chart. H4 AUD/USD