Elliott Wave Analysis: Higher Degree Correction On AUDUSD Seems Completed

Gregor Horvat Wavetraders

As expected, on the 4h chart AUDUSD made a nice bullish reversal from 0.7440 after a completion of higher degree three wave decline in blue wave D-circled that is part of a big triangle pattern. As such current rise is now wave E, final leg that may complete a triangle in black wave IV. So far there is a nice downward reaction, which can be a first impulse of a new bearish leg headed to the lower red trendline.

AUDUSD, 4H

Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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