Hello fellow traders. In this technical article, we’re going to take a look at the Elliott Wave charts of EURAUD, presented in the member’s area on our website. Recently, EURAUD has given us a correction that has unfolded as an Elliott Wave Double Three pattern. It has reached an extreme area (buying zone) and made a rally from there. In the following text, we are going to explain the Elliott Wave pattern and Forecast.
Before we take a look at the real market example, let’s explain Elliott Wave Double Three pattern.
Elliott Wave Double Three Pattern
Double three is the common pattern in the market , also known as 7 swing structure. It’s a reliable pattern which is giving us good trading entries with clearly defined invalidation levels.
The picture below presents what Elliott Wave Double Three pattern looks like. It has (W),(X),(Y) labeling and 3,3,3 inner structure, which means all of these 3 legs are corrective sequences. Each (W) and (Y) are made of 3 swings , they’re having A,B,C structure in lower degree, or alternatively they can have W,X,Y labeling.
EURAUD 4 Hour Elliott Wave Analysis June 3, 2023
The EURAUD is giving us wave (4) blue pullback that is unfolding as a Double Three pattern. EURAUD already shows a clear 5 swings pattern from the peak and still remaining waves 6 and 7, reaching the extreme zone. We still could see more short-term weakness in wave ((c)) of Y toward the 1.58600 – 1.54600 area.
EURAUD 4 Hour Elliott Wave Analysis June 10, 2023
Now it is too close entry area The EURAUD is giving us wave (4) blue pullback that is unfolding as a Double Three pattern. EURAUD already shows a clear 7 swings pattern from the peak, reaching the extreme zone. We still could see more short-term weakness in wave ((c)) of Y toward the 1.58600 – 1.54600 area. The current view suggests buyers should ideally appear at the marked zone for a further rally or 3 waves bounce at least. We don’t recommend selling.
EURAUD 4 Hour Elliott Wave Analysis June 24, 2023
We got another marginal push down as expected. Buyers appeared at the marked extreme zone and we are getting a good reaction from there. Pullback completed at the 1.58600 low. The rally from the buyer’s zone looks like 5 waves which suggests after 3 waves pull back it should ideally see further continuation higher. It’s important that 1.58600 pivot holds during the expected pullback in order to hold the presented view intact.
Keep in mind that the market is dynamic and the presented view could have changed in the meantime. You can check the most recent charts in the membership area of the site. The best instruments to trade are those having incomplete bullish or bearish swing sequences. We put them in Sequence Report and the best among them are shown in the Live Trading Room.
EURAUD 1 Hour Elliott Wave Analysis June 29, 2023
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