AUD/USD - Elliott Wave Technical Analysis
Structure & Degree: 3-swings Sequence in a Primary Degree Y (pink)
- Intermediate (A) (blue) - Sharp Zig-Zag
- Intermediate (B) (blue) - Complex Running Flat in Minors WXY (pink)
- Intermediate (C) (blue) - Ending Diagonal
Minor 1 (green): Zig-Zag decomposed as a 5-3-5 in Minutes abc (blue)
Minor 2 (green): Complex Triple Three in Minutes wxyxz (purple)
Current Position & Pattern:
- Minute z (purple), bearish 3-swings or 5-swings sequence
Expected Swing:
- Minor 3 (green) continuation: Sharp 3-wave, Bullish Sequence
Technicals & Confirmations:
- 50% or 61.8 Fibonacci Retracements of Minor 1 (green)
- 161.8% or 200% Fibonacci Extensions of Minutes w & x (purple)
- 161.8% Fibonacci Extensions of Minutes y & x (purple)
- Bullish Divergence at the Fibs
- Ascending Channel, lower trend-line support
- Bullish Harmonic Structure