$AUDUSD Daily #ElliottWave Count

 AUDUSD Daily Elliott Wave Count

The AUDUSD looks to be headed higher in a final fifth wave toward the .8150 area.  This would probably complete an A wave with a B wave down to follow in the months ahead. 

AUDUSD Daily Elliott Wave Count

AUDUSD Daily Elliott Wave Count

#AUDUSD Daily #ElliottWave Count

AUDUSD Daily Elliott Wave Count

I was looking for the bounce from the X wave lows but I was only looking for 3 waves up before lower again as I was thinking the X wave was still in progress.  The big picture was still higher, I just didn't think it would be until after the 1st of the new year.

As of now I have this labeled as a WXY but could just as easily be labeled as an impulse with the current circle A being part of the 3rd wave.

If the pair continues to the .7083 area and consolidates with no real pullback then I would go with the impulse and continued move higher in a series of 4th and 5th waves.

AUDUSD Daily Elliott Wave Count

#AUDUSD Daily #ElliottWave Count

AUDUSD Daily Elliott Wave Count

In the last AUDUSD Daily Elliott Wave Count update, I was labeling things with the bullish nested 1-2's.  Things were looking good until the strong reversal on Friday.  The Bearish Engulfing Candle on Friday leads me to believe more downside is coming.  There is still a possible 1-2 nesting on this last 3 wave move up but the b wave low at 69.97 will need to hold on this pullback.  

Bottom line is more upside correction after a small pullback for the X wave.  

AUDUSD Daily Elliott Wave Count

 

#AUDUSD Daily #ElliottWave Count

AUDUSD Daily Elliott Wave Count

I will be looking for a pullback here to test the previous wave ii low before heading higher.  This pullback needs to hold the .6754 low for this count to remain valid.  The next critical test if this low holds will be .6930 and the downtrend line.  After that test it will be the last lower high at .7028.

AUDUSD Daily Elliott Wave Count

 

$AUDUSD Daily Elliott Wave Count

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.

• Weekly AUDUSD Elliott Wave Counts
• 4 Hour AUDUSD Elliott Wave Counts
• 1 Hour AUDUSD Elliott Wave Counts

AUDUSD Daily Elliott Wave Count

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 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