AUDUSD Daily Elliott Wave Count
The AUDUSD Daily Elliott Wave Count has changed a little since the last update, rather then the Ending Diagonal I am looking for the circle ABC.
From the (x) wave high at .76766 price action traced out a nice 5 wave move lower to .73106 for the circle A.
From there we seen sideways consolidation to create the Elliott Wave Triangle circle B.
Since the completion of the triangle we have seen a nice spike down the may be just wave 1 of circle C. The targets down for the C wave would be .7230 at the 61.8% for both C vs A and Y vs W. The next target would be the .7100 are were C would equal A and it would also be the 78.6% retrace area of the blue circle a Elliott Wave Leading Diagonal.
Relative Strength Index (RSI)
The RSI has clearly broken the uptrend created while carving out the circle B triangle. I would be expecting it to reach the oversold area as price continues lower. We should see any retrace in price action be rejected in the 60 area.
Please visit the links below for a look at the Weekly, 4 Hour and 1 Hour Elliott Wave Counts.
08/01/18
I don't remember ever reading about any Elliott Wave Rules that state that you can not have a Leading and Ending Diagonal in one structure because it sure looks like we have that here.
From the (x) wave high at .76766 price action traced out a nice 5 wave move lower to .73106 for the circle A.
From there we seen sideways consolidation to create the Elliott Wave Triangle circle B.
Since the completion of the triangle we have seen a nice spike down the may be just wave 1 of circle C. The targets down for the C wave would be .7230 at the 61.8% for both C vs A and Y vs W. The next target would be the .7100 are were C would equal A and it would also be the 78.6% retrace area of the blue circle a Elliott Wave Leading Diagonal.
Relative Strength Index (RSI)
The RSI has clearly broken the uptrend created while carving out the circle B triangle. I would be expecting it to reach the oversold area as price continues lower. We should see any retrace in price action be rejected in the 60 area.
Please visit the links below for a look at the Weekly, 4 Hour and 1 Hour Elliott Wave Counts.
- Weekly AUDUSD Elliott Wave Counts
- 4 Hour AUDUSD Elliott Wave Counts
- 1 Hour AUDUSD Elliott Wave Counts
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| AUDUSD Daily Elliott Wave Count |
I don't remember ever reading about any Elliott Wave Rules that state that you can not have a Leading and Ending Diagonal in one structure because it sure looks like we have that here.
From the highs of .81357 we can see five waves down that took the shape of a nice Leading Diagonal. From there we had a small (b) wave correction. This is being followed by what looks to be a nice Ending Diagonal taking shape. The Ending Diagonal is currently in the typical 4th wave consolidation with a 5th wave following soon. I am targeting .7248 while the .74644 holds.
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| AUDUSD Daily Elliott Wave Count |