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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

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