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AUD/USD: Elliott waves (May 19)

By Roman Petuchov

Weekly. After completing the long correctional wave [b], the pair started constructing a new uptrend [c].

Chart. Weekly AUD/USD

Daily. Within this uptrend AUD/USD built the first upward impulse wave (1). This week we’ll see the continuation of the correction (2).

Chart. Daily AUD/USD

H4. It seems that the wave (2) is taking form of a complex corrective pattern. It is very likely that the wave (x) has already been completed, and this week we’ll see a decline in a new correctional wave. Note that this area is quite complicated to trade due to the shape of the corrective waves. It’s recommended to refrain from trading until the market becomes easier.

Chart. H4 AUD/USD

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