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.