I had to correct my reading of AUDUSD, and taking another look at it, it also makes more sense now.
It had a little more correction to finish, and I believe it has now finished the correction it has been in since '21, and here finished what I call the Z wave.
Now I'm waiting for the pullback into the green box in the area of 0.60588 - 0.60244 where it will finish the second wave.
It might go a little lower to the fiblevel 0.786 but price has no business under 0.59138 level.
Then this count will be invalidated.
If this truly is a new impulse, then after visiting the green box price should go all the way up to minimum of 0.64314 and go into the yellow box area, before it will start the 4th wave correction.
I can't see this as being a A-B-C correction, BUT if it is, price would slow down at the 0.62640 level and eventually end at 0.63220 level. But this is not my favored count.
You are welcome to give me your thoughts on this.
It had a little more correction to finish, and I believe it has now finished the correction it has been in since '21, and here finished what I call the Z wave.
Now I'm waiting for the pullback into the green box in the area of 0.60588 - 0.60244 where it will finish the second wave.
It might go a little lower to the fiblevel 0.786 but price has no business under 0.59138 level.
Then this count will be invalidated.
If this truly is a new impulse, then after visiting the green box price should go all the way up to minimum of 0.64314 and go into the yellow box area, before it will start the 4th wave correction.
I can't see this as being a A-B-C correction, BUT if it is, price would slow down at the 0.62640 level and eventually end at 0.63220 level. But this is not my favored count.
You are welcome to give me your thoughts on this.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.