The short-term Elliott Wave view on AUDUSD suggests that the cycle from the 8.11.2022 high is in progress as a 5 waves impulse structure. Down from the 8.11.2022 high, wave 1 ended at 0.6699, and the rally in wave 2 ended at 0.6916. Wave 3 took the form of a correct to a lesser degree. Down from wave 2, wave ((a)) ended at 0.6665, and the rally in wave ((b)) ended at 0.6747. The pair resumes lower in wave ((c)). The final leg lower wave ((c)) ended at 0.6360 which completed wave 3.
and the rally in wave 4 ended at 0.65460. The pair resumes lower in wave 5.
Wave 5 took the form of a correct to a lesser degree. Down from wave 4, wave (w) ended at 0.63480, and the drop in wave (x) ended at 0.6190. The pair resumes higher in wave (y). (y) higher is in progress and expected to reach 0.63695 – 0.64785 celeste box area to complete wave (y). This Celeste box area is a 100% – 161.8% Fibonacci extension of wave (w). From this area, the pair should resume lower in wave 5. Near term, as far as the pivot at 0.65460 high stays intact, expect the rally to fail in 3, 7, or 11 swings for further downside.
AUDUSD 1 Hour Elliott Wave Chart 15 Aug 2022
AUDUSD 1 Hour Elliott Wave Chart 07 Sep 2022
AUDUSD 1 Hour Elliott Wave Chart 04 Oct 2022
AUDUSD 1 Hour Elliott Wave Chart 20 Oct 2022
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