Hi Traders,
The EURAUD daily chart shows that the sharp bullish run from 1.53505 low in December 2018 can be seen as a five-wave impulse in wave (A), labeled 1-2-3-4-5.
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The Elliot wave theory states that a three-wave correction in the opposite direction follows every impulse. In EURAUD's case, wave (B) looks like a W-X-Y double zigzag/double three retracement.
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The correction in wave (B) retraced 61.8 - 78.6% of the impulsive move in wave (A). If this count is correct, a 5-3 wave cycle is completed, and the trend can be expected to resume in the direction of the impulsive sequence.
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Target above 1.65547 "wave (A) high" make sense in the mid-term, unless the price drops to a new low below 1.56911 "current wave (B) low."
.
Did you like this Elliot Wave Analysis? Kindly let me know in the comment.
.
Thanks for reading!
Veejahbee.
The EURAUD daily chart shows that the sharp bullish run from 1.53505 low in December 2018 can be seen as a five-wave impulse in wave (A), labeled 1-2-3-4-5.
.
The Elliot wave theory states that a three-wave correction in the opposite direction follows every impulse. In EURAUD's case, wave (B) looks like a W-X-Y double zigzag/double three retracement.
.
The correction in wave (B) retraced 61.8 - 78.6% of the impulsive move in wave (A). If this count is correct, a 5-3 wave cycle is completed, and the trend can be expected to resume in the direction of the impulsive sequence.
.
Target above 1.65547 "wave (A) high" make sense in the mid-term, unless the price drops to a new low below 1.56911 "current wave (B) low."
.
Did you like this Elliot Wave Analysis? Kindly let me know in the comment.
.
Thanks for reading!
Veejahbee.
