$EURAUD Weekly Elliott Wave Count

EURAUD Weekly Elliott Wave Count

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08/06/18

I have the move up from the lows of 1.16454 up to 1.58326 labeled as an Elliott Wave Impulse.  It is a little questionable with that extra swing in there but I am considering it wave 1 of the blue circle iii.  From these wave have 3 waves lower to the blue circle w with a run up to 1.66066 for a blue x wave.  We could go with an abc up here from the 1.16454 but I like the Expanded Flat idea better for now.  From 1.66066 we have another 3 waves down for the blue circle y. 

Form the lows of 1.36274 it looks to be an Elliott Wave Leading Diagonal up into the blue box resistance area for blue circle i.   From there, I am looking for a three wave move back down toward the 50- 61.8% retrace are the come in between 1.4900 and 1.4600, with the 1.4600 lining up nicely with the wave (ii) low.  IF the 1.58907 high breaks we could see the move up continue to the 1.800 area.

We could label this as a WXY with the Alt: A being W, the three wave move lower to 1.38274 as X and the blue circle i as blue circle a of Y.  Either way we should see a deeper retrace for blue circle ii or blue circle b of  Y followed be a 5 wave impulse higher. 

     

EURAUD Weekly Elliott Wave Count