Elliott Wave View: AUDUSD Corrective Zigzag Rally In Progress

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AUDUSD shows a 5-swing incomplete bearish sequence from February 2021 peak favoring a further low to complete a 7-swing double three Elliott Wave structure. A brief look at Elliott Wave suggests that AUDUSD ended on October 29, 2021 a peak in wave (A) at 0.6993. The internal structure of a wave (A) developed as a 5-wave impulse. Below October 29 high, wave 1 ended at 0.7357 and buildup in wave 2 ended at 0.743. A pair restarted lower in wave 3 to 0.706 and a rebound in wave 4 ended at 0.7173. Final leg lower wave 5 ended at 0.6989 which completed wave (A) in higher grade.

Rally in wave (B) is in progress to correct a cycle from the peak of October 29 before a pair resumes lower. An inner wave (B) develops like a zigzag Elliott Wave structure. Next, expect a pair to soon end wave A of this zigzag, then it should retreat into wave B to correct the December 4, 2021 accumulation low before a pair resumes higher. Nearby, as long as a pivot at 0.699 low remains intact, expect specs to find support in a 3, 7 or 11 swing for more upside.

AUDUSD 45 Minutes Elliott Wave Chart

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