AUD/USD - Is correcting the first impulsive decline from 0.7835

AUD/USD - Is correcting the first impulsive decline from the 0.7835 high

AUD/USD - Wave 1 of [5] terminated at 0.7141 now look for wave 2 higher to 0.7409 before lower in wave 3

AUD/USD - Wave 1 of [5] terminated at 0.7141 now look for wave 2 higher to 0.7409 before lower in wave 3

AUD/USD - Is correcting the first impulsive decline from 0.7835 

On April 15 I called for a top in AUD/USD in the 0.7780 - 0.7800 area (you can see that post by clicking here). The top was seen at 0.7835 and has since moved lower in an impulsive fashion and the first impulsive decline terminated at 0.7141 and is now being corrected by wave 2 of [5]. 

Once the correction in wave 2 is over near 0.7409 a new impulsive decline in wave 3 of [5] should be seen towards at least 0.6690 and most likely even lower to the extension target at 0.6263, before it will be corrected by wave 4 of [5]. 

This is a perfect example of the power of Elliott Wave Analysis. First spotting the top almost to perfection and the collecting 650 pips just on the first impulsive wave lower. To enjoy more calls like this, join the EWS as a member and be ahead of the rest. 

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When a 1+ is highlighted in the right hand corner, more charts is available, in this chart-pack 3 charts can been seen. To see the other chart, click on the chart, which blows it up and in the center part at the bottom a control panel will be highlighted. Use the arrow to see the additional chart. 

AUD/USD - Topped or topping

AUD/USD - Topped or topping

AUD/USD - Topped or topping

AUD/USD - Topped or topping

AUD/USD is still holding up, but if a top hasn't already been found it will be found shortly for a strong impulsive decline. 

The first good indication for a top being in place will be seen upon a break below minor support at 0.7678 and of cause more importantly below the red support.line near 0.7500 that confirms the top and the new impulsive decline to below 0.6825. 

As long as minor support at 0.7678 is able to protect the downside, we must accept the possibility of a move slightly higher to the 0.7780 - 0.7800 area,before the top finally is in place, but it will just be a matter of time before it's in place. 

AUD/USD - Time to break out of the Diamond formation?

AUD/USD - Time to break out of the Diamond formation

AUD/USD time to break out of the Diamond formation? 

The Diamond formation we have been tracking lately is getting close to its termination. I'm still looking for this Diamond to be a continuation formation, which means a break towards the downside for a decline to the long term target at 0.7384. 

That said, we have to be aware, that Diamond formations also can be reversal formation and if this is the case a break above 0.8833 will be the first warning, while a break above 0.8860 will confirm the formation has been a reversal formation and call for a rally higher to 0.9112. 

As said my preferred count is, that we should soon see a break lower, which would make this Diamond formation a continuation pattern, but we know the risk, this pattern carries. 

 

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JT
2014-06-23
Its been a pleasure over the years I have been following you and even better as a member the education you provide in my view is invaluable you can read books as I have but to see how you evolve your ...
Ananyavrat
2016-06-24
Hi Surfer,

Super calls !! And analysis.

Bravo for your brexit call !!
Whats next?

Ull need to update all indices!

Ananyavrat
Thomas
2014-08-11
Sublime Counts!