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. 

You can join the EWS-service by subscribing here

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. 

 

Become a registered member of EWS, and gain access to all the in depth analyzes.

Thomas
2014-05-28
phenomenal new service EWS, I have followed you for 18 months and the exceptional analysis continues unabated! I look forward to the daily updates focusing on the most interesting and potentially lucr...
Hani
2014-06-06
I have been a fan of you blog for several years!
I am so impressed at your renewal.
Elliott wave analysis is so difficult to me, but so interesting and useful.

Thank you
Hani
Darryl
2014-09-14
Love the good work, most accurate I’ve found in my research. Darryl