So Aussie Dollar was in a major 4th Wave wedge consolidation from Jan 2016 to March 2017.
It may be possible price is now moving down in an (5 wave) impulsive 5th major wave .
The market stands now at
a. Impulsive wave 1 down.
b. At the end of the 4th minor wave of this wave 1.
An Elliott rule is Wave 4 cannot enter the territory of Wave 1.
I have wave 1 of 1 at .7480. If the wave count is right, then price should not move beyond . 7480 , and move down next week in the 5th minor wave of Wave 1 towards the longer term Demand Zone of .7150.
From here , price may then enter a corrective Wave 2 ( with 3 wave movement abc towards .618 retracement of Wave 1) .
Fib retracement should be from projected Wave 1 , which will put the correction going to . 7480 - .7540.
:)
It may be possible price is now moving down in an (5 wave) impulsive 5th major wave .
The market stands now at
a. Impulsive wave 1 down.
b. At the end of the 4th minor wave of this wave 1.
An Elliott rule is Wave 4 cannot enter the territory of Wave 1.
I have wave 1 of 1 at .7480. If the wave count is right, then price should not move beyond . 7480 , and move down next week in the 5th minor wave of Wave 1 towards the longer term Demand Zone of .7150.
From here , price may then enter a corrective Wave 2 ( with 3 wave movement abc towards .618 retracement of Wave 1) .
Fib retracement should be from projected Wave 1 , which will put the correction going to . 7480 - .7540.
:)