AUD/USD - Wave (iv) correction over
Since the 0.9504 high a nice impulsive decline has been unfolding. Wave (i) became a leading diagonal, that was followed by a flat wave (ii). Wave (iii) became a very strong and extended wave, which became 261.8% the length of wave (i).
Wave (iv) has become a complex triangle combination, with an expanding triangle followed by a symmetric triangle, this formation is also known as a "Diamond". Wave (iv) ended Friday, with a small piercing of the symmetrical triangles resistance-line. I will now be looking for wave (v) lower to 0.8374 as the ideal target for wave (v).
I will place my stop just above the top of wave c of the symmetrical triangle at 0.8832.
Wave (iv) has become a complex triangle combination, with an expanding triangle followed by a symmetric triangle, this formation is also known as a "Diamond". Wave (iv) ended Friday, with a small piercing of the symmetrical triangles resistance-line. I will now be looking for wave (v) lower to 0.8374 as the ideal target for wave (v).
I will place my stop just above the top of wave c of the symmetrical triangle at 0.8832.
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