EURAUD Elliott Wave View: Trading At Equal Legs ExtremeHello Traders,
EURAUD short-term Elliott wave view suggests that the rally to 1.6353 high ended blue wave (1) higher. The internals of that degree unfolded as impulse structure with lesser degree cycles showing the sub-division of 5 waves structure. Below from 1.6353 high, the pair is doing an blue wave (2) pullback in 3, 7 or 11 swings before upside renew. We don’t like selling the pair as the right side tag favoring more upside.
Down from 1.6353, the pair is doing a 3 wave pullback with lesser degree cycles showing the sub-division of 5-3-5 structure thus favored it to be doing a zigzag correction. The initial decline to 1.6282 low ended black wave ((i)), black wave ((ii)) bounce ended at 1.6339. Black wave ((iii)) ended at 1.6152 & Black wave ((iv)) ended at 1.6192 high. Then finally a move lower to 1.6136 low ended black wave ((v)) & also the red wave A.
Up from there, the bounce to 1.6332 high ended red wave B bounce in lesser degree zigzag correction where black wave ((a)) ended at 1.6285. Black wave ((b)) ended at 1.6226 and Black wave ((c)) of B 1.6332 high.
Currently, it is trading at the equal legs extreme area (blue box) of red A-B and soon it should end blue wave (2) pullback. Afterwards, the pair is expected to find buyers looking for new highs or for 3 wave bounce at least. We dont like selling it and the right side is to the upside as long as pivot at 1.59692 stays intact.
