The low in December 2021 for AUDUSD appears to be an important low that likely leads to a rally of .76 and possibly higher levels.
The December 2021 low was possibly the end of the corrective wave that began earlier in 2021, or minimally, appears to be the end of the wave that began May 2021. Either way, a rally is developing to correct a portion and possibly all of the down wave.
Here are 3 models I'm watching:
1. AUDUSD rallies from current levels to new highs above .80 while holding above the .69 low (blue line)
2. The 2021 correction was wave 'A' of a larger A-B-C correction...the December low of .69 holds and a rally develops to above .78, then another dip back to .69 (purple line)
3. The 2021 correction was waves W-X-Y of a triple zigzag (W-X-Y-X-Z). This means after a brief rally (wave X) another decline is coming for wave Z (red line)
The December 2021 low was possibly the end of the corrective wave that began earlier in 2021, or minimally, appears to be the end of the wave that began May 2021. Either way, a rally is developing to correct a portion and possibly all of the down wave.
Here are 3 models I'm watching:
1. AUDUSD rallies from current levels to new highs above .80 while holding above the .69 low (blue line)
2. The 2021 correction was wave 'A' of a larger A-B-C correction...the December low of .69 holds and a rally develops to above .78, then another dip back to .69 (purple line)
3. The 2021 correction was waves W-X-Y of a triple zigzag (W-X-Y-X-Z). This means after a brief rally (wave X) another decline is coming for wave Z (red line)
Are you ready to learn Elliott Wave? Take our Free Elliott Wave Readiness Assessment: bit.ly/EWreadinessquiz2
seethewaves.com - A school to learn how to read charts & Elliott Wave Theory.
seethewaves.com - A school to learn how to read charts & Elliott Wave Theory.
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.
Are you ready to learn Elliott Wave? Take our Free Elliott Wave Readiness Assessment: bit.ly/EWreadinessquiz2
seethewaves.com - A school to learn how to read charts & Elliott Wave Theory.
seethewaves.com - A school to learn how to read charts & Elliott Wave Theory.
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.