Forex Elliott Wave AUDUSD

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FOREX ELLIOTT WAVE AUDUSD TRADING STRATEGIES & TECHNICAL ANALYSIS - EXAMPLE

Intraday Elliott Wave AUDUSD

Elliott Wave AUDUSD 1Hour Chart

Thursday, 9 June 2011 at 5:57:00PM AEST

Elliott Wave AUDUSD moved lower during Asian session, showing a five wave decline from 1.0774. However, this may not be start of a new bearish sequence, and the concern is a three wave bounce from 1.0585 into a new 1.0774 high. We know that “three waves” are corrections, so this move may easily be part of a corrective pattern, called an expanded flat. An impulsive upward reaction will confirm that view, when we would look for levels above 1.0774.

On the other-hand, we however, should focus on bearish price action, but only if we get a daily close somewhere below 1.0470/1.0500. (check 4h chart on Elliott Wave counts page)

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Elliott Wave AUDUSD 4Hour Chart

Thursday, 9 June 2011 at 4:30:00PM AEST – sideways price action within wave (b)

Elliott Wave AUDUSD A decline from 1.1012 can be counted in five waves, but as a leading diagonal formation, which can appear in wave one of an impulse, or wave A of a corrective pattern. Well, if that is the case, then only temporary corrective recovery is now unfolding, labelled as (a)-(b)-(c) within wave 2/B. Well, at the moment we still do not see any signs of a wave 2/B top, so patience is required! In fact, a current lower prices from 1.0775 may still be part of a corrective wave (b), maybe a flat pattern.

Of course, we are monitoring an ALT count as well, but we need price to confirm that direction, which would be only a sharp collapse below 1.0500 with a daily close around these levels.

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Elliott Wave AUDUSD Daily Chart

05 June 2011 – top in place, or it was just correction?

No change!
Elliott Wave AUDUSD was lower in the past few weeks from 1.1 psychological region where wave (5) may have found a top, but looking at the recent personality of a decline, we are not really confident about completed uptrend!

In fact, a bounce from the past two weeks from 1.0440 region appears impulsive, so ALT count also needs to be considered with one more high in view.

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Elliott Wave AUDUSD Weekly Chart

30 April 2011 – uptrend in progress

Its been a while since we made an update on weekly Elliott Wave AUDUSD, which has been constantly making higher highs in the past few months. As we can see, the pair moved well above wave A) top which is the main reason of an impulsive wave count from 0.6 lows, with an extended black wave 5 in progress, which is eyeing 1.13 region; 138.2% extension of a wave B). However, because of the very strong, bullish momentum we we also need to consider even higher levels, with alternate count in view that shows wave 2 low at 0.806.

 

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