Analyzing AUD/NZD on the 3-hour chart using Elliott Wave Theory, I observed that wave (5) marked the end of the recent upward move. Following this, wave (a) initiated a significant downtrend, and the recent upward correction formed wave (b). Now, I am expecting wave (c) to continue the downtrend. The potential targets for wave (c) are:
- 1.08689, which aligns with the 0.618 retracement level of wave (a)
- 1.08060, which aligns with the length of wave (a)
- 1.07205, corresponding to the 1.618 extension of wave (a)
This setup suggests a short position on AUD/NZD, targeting these levels as potential take-profit points.
- 1.08689, which aligns with the 0.618 retracement level of wave (a)
- 1.08060, which aligns with the length of wave (a)
- 1.07205, corresponding to the 1.618 extension of wave (a)
This setup suggests a short position on AUD/NZD, targeting these levels as potential take-profit points.
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