Today's Free Elliott Wave Analysis: EUR/AUD - Bottomed or is one last low needed?

EUR/AUD - Bottomed or is one last low needed?

Bottomed or is one last low needed

EUR/AUD bottomed or is one last low needed?

With the test of 1.4037, we have seen an almost perfect correction back to the 38.2% corrective target of the rally from 1.1605 to 1.5430 at 1.4074 and below the wave iv bottom of one lessor degree at 1.4050. This argues for a bottom of wave B being in place for a strong rally in wave C to above 1.5832, with the ideal target for wave C at 1.8025, where wave C will be equal in length to wave A.

However, looking at the 4-hourly chart, it could be argued, that we still need one last decline to 1.4018 before the bottom is finally in place. My preferred count is that the bottom already has be found at 1.4037 and a new impulsive rally is developing. However, to confirm this count, we need the low at 1.4037 to protect the downside for a break above 1.4172 for a strong rally higher to 1.4478 and higher.

For now we will just have to wait and let the Market show us its real intensions.  

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

Darryl
2014-09-14
Love the good work, most accurate I’ve found in my research. Darryl
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...
Roelant
2016-06-26
Hi Elliotwavesurfer,

Your forecast of the EURUSD waves and reversals on Brexit day were spot on! This was not chaos, the crowd followed a pattern!

GBPUSD was abolutely 100% too!Unbelievably accu...