AUDUSD Bearish Triple Zigzag Underway
(Click on image to enlarge)
The AUDUSD pair is forming a bearish triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ in the long term. The final primary wave Ⓩ is a simple zigzag (A)-(B)-(C).
At the moment, an impulse wave (C) is formed, consisting of minor sub-waves 1-2-3-4-5.
The minor corrective wave 4 which is a minute triple zigzag has ended. Prices could continue to move down in the impulse wave 5.
The currency is expected to decline to the previous low of 0.617, marked by the impulse 3.
(Click on image to enlarge)
Alternatively, the corrective wave 4 continues its development.
Sub-waves ⓦ-ⓧ-ⓨ-ⓧ have ended, whilst sub-wave ⓩ is still being built.
In the near future, the market could grow to 0.724. At that level, actionary sub-waves ⓨ and ⓩ will be equal.
An approximate scheme of possible future movement is shown on the chart.
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