AUDUSD, rebound

Hi Traders,

The AUDUSD (now at 0.8762) has almost reached the target around 0.8750. This should be followed by a short rally to 0.8864-0.8900 before resuming the downtrend to 0.8067-0.8047.

If the pattern that is unfolding is an "Expanded Flat" the new rally could be more substantial. See the note below.  


TARGETS

first: 0.8864-0.8900

then:

likely: 0.8613
possibly: 0.8427
maybe: 0.8067-0.8047

ELLIOTT WAVES

After point "d", the AUDUSD seems to be staging a very long "wave e" (weekly chart). This can either be in 3 or 5 waves

NOTE:

There's a chance that we are witnessing an "Expanded Flat" in the daily chart. 

If this is the case, point "2" (in magenta) should be renamed "a" followed by "b" around 0.8750 and "c" around 0.9148-0.9166.

Hence, the temporary rally could take the pair to 0.9148-0.9166 before resuming the downtrend.


WAVE OSCILLATOR

Enter your trade only when you have a valid cross of the 2 inside lines in the daily or 4-hour charts.

Remember to place your "trailing stop" according to the "instructions" from the wave oscillator.





monthly chart - click to enlarge

weekly chart - click to enlarge

daily chart - click to enlarge

wave oscillator over the daily chart - click to enlarge

4-hour chart - click to enlarge

wave oscillator over the 4-hour chart - click to enlarge

1-hour chart - click to enlarge 

wave oscillator over the 1-hour chart - click to enlarge