AUDUSD New Lows in View – Elliott Wave Analysis

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Written by www.ew-forecast.com

AUDUSD has been trading sideways thesdays. It is reversed from around 0.8900 at the start of July, so we think that pair has stopped temporary in a corrective pattern within larger downtrend. We are tracking an incomplete impulsive, five wave decline in wave C that could fall down to 0.8500-0.8700 soon if we consider the idea of a completed flat correction in wave (4).

AUDUSD Daily Elliott Wave Analysis

AUDUSD Daily Elliott Wave Analysis
AUDUSD Daily Elliott Wave Analysis

 

What is Flat Correction?

A Flat is a three-wave pattern labeled A-B-C that generally moves sideways. It is corrective, counter-trend and is a very common Elliott Wave Pattern.

Running Flat: Elliott Wave Pattern

Running Flat Elliott Wave Pattern
Running Flat Elliott Wave Pattern
  • Structure is 3-3-5
  • Wave B terminates well beyond the beginning of wave A as in an expanded flat
  • Wave C fails to travel its full distance, falling short of the level at which wave A ended
  • Appears in wave two or four in an impulse, wave B in an A-B-C, wave X in a double or triple zig-zag, or wave Y in a triple threes

Written by www.ew-forecast.com

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