Last week we looked at AUD/USD, on the bigger time frame you can check it in this link elliotwavemasters.com/aud-usd-forecast . So let look at it now from 30 min. when we posted last week we were on wave 3, which finished at we started wave 4. We are currently on wave 4, so far it looks like we have a simple zig-zag.
Looking at the chart above we can see that the wave 4 started with wave A which was 5 waves from 0.73446 to 0.74428. Then we had a corrective wave B which was a zig-zag from 0.73446 down to 0.73787, it formed a WXY. Right now we believe that we are in wave C which is expected to be 5 waves up from 0.73787 till 100% to 161.8% Fibonacci extension of wave B. Please note that it can go higher than that, as long as wave 4 end within the rules of Elliot wave. I used the blue line to signal the direction of the trend in this small time frame.
4-hour time frame
Looking at 4-hour time frame we can see the purple shaded area as our target for the end of wave 4 and beginning of wave 5. Then wave 5 is expected to be the last wave before the change of trend happens, maybe wave 5 will be an ending diagonal, who knows? Happy trading on thing pair guys, don’t forget to apply money management at all times. Remember losses are part of the game they are just investment. Because of good money management, we will always have our accounts growing.
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