AUDUSD 4 HR Elliott Wave Count
The AUDSUD 4 HR Elliott Wave Count Update is showing the completed b wave triangle. The spike down from the .7453 is probably just the 1st wave of c that may complete near .72500 before a 3 wave correction for the 2nd wave.
I do believe we will see the .7100 area eventually but a move back above .74533 and I would say the pair has put in a longer term bottom.
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| AUDUSD 4 HR Elliott Wave Count |
The AUDUSD has been in a sideways consolidation since bounce from the 07/02 lows of .7310. The consolidation is certainly taking the shape of a triangle that should break lower for the final leg down we have been showing on the daily charts.
This last leg down from the swing high of .7441 should be the final leg of the (d) wave. When this finishes, we should see 3 waves back up for the (e) leg that holds below the (c) wave high of .74644.
The down side target that I am showing on the daily chart is around .7250 where I will be expecting a larger 3 wave bounce to the .7800 area before lower.
If you have not seen the latest Dollar Index post please take a look as it discuss the future possibilities of the Dollar Index and the Dollar Crosses.
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| AUDUSD 4 HR Elliott Wave Count. |
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