AUD/USD: weekly wave analysis
by Roman Petukhov.
Weekly. The market is sliding within a three-fold downward zigzag [b], the final downward zigzag (z) is being formed at the moment; let us consider its markup on the lower timeframes.
Daily. The first leg of the downward zigzag A is fully completed. The upward correction B has already begun to develop and it might also take the form of a zigzag.
H4. Next week will be marked by the correctional wave [B] formation, which might take the form of either a wave plane or a more complex model. In such a situation, we recommend you to refrain from trading.