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AUD/USD: Elliott waves (May 26)

By Roman Petuchov

Weekly. After the pair completed of the descending correctional wave [b], we are seeing the beginning of the formation of a new uptrend.

Daily. The chart shows the markup of the beginning of an uptrend. Wave (1) has been completely built, and now we are seeing a decline within the correctional wave (2). It seems that this wave is taking form of a Double Zigzag.

H4. At the moment there is downward momentum building [A]. After it’s complete, we’ll see a correction [B] and the continued decline in the wave [C]. The approximate trajectory of upcoming motion is shown at the picture.

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