AUDUSD in a temporary correction - Elliott wave
Hi,
AUDUSD made a sharp, five-wave rally from March of 2020, which can suggest a bigger, bullish picture. After a five-wave move, a three-wave correction follows (in this case a double zig-zag: w-x-y). Possible support is at 0.699, where wave 4 sits. Fibonacci ratios of 0.50 and the lower parallel channel line can offer support, too.
A new impulsive rally above the 0.755 lvl. could suggest a completion of the correction, and more upside.
AUDUSD made a sharp, five-wave rally from March of 2020, which can suggest a bigger, bullish picture. After a five-wave move, a three-wave correction follows (in this case a double zig-zag: w-x-y). Possible support is at 0.699, where wave 4 sits. Fibonacci ratios of 0.50 and the lower parallel channel line can offer support, too.
A new impulsive rally above the 0.755 lvl. could suggest a completion of the correction, and more upside.
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