5th wave down incomplete...
=> Welcome to our long term map for AUDUSD .. in this idea we are strictly looking at this from an Elliot wave perspective.
=> The sequence that started back in 2011 has yet to complete the 5th and final wave.
=> So we started to dig deeper into the 4th wave that began in 2016 and formed a very traditional ABCD correction which targeted and reached the 0.81668.
=> Afterwards the selloff that followed which looks impulsive is now in our books the 5th and final wave of this sequence.
=> So what does this mean?
=> Well the 5th wave will usually always test the lows in this case, which is the beginning of wave 4. We can however extend as far as the length of wave 1 which will provide a test of 0.647x
=> Best of luck to those still holding positions here and hopefully this map helps trigger some eureka moments.
=> The sequence that started back in 2011 has yet to complete the 5th and final wave.
=> So we started to dig deeper into the 4th wave that began in 2016 and formed a very traditional ABCD correction which targeted and reached the 0.81668.
=> Afterwards the selloff that followed which looks impulsive is now in our books the 5th and final wave of this sequence.
=> So what does this mean?
=> Well the 5th wave will usually always test the lows in this case, which is the beginning of wave 4. We can however extend as far as the length of wave 1 which will provide a test of 0.647x
=> Best of luck to those still holding positions here and hopefully this map helps trigger some eureka moments.
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