Elliott Wave View: EURAUD Has Resumed Higher
Short term Elliott Wave View in EURAUD suggests the cycle from 8.25.2022 low is unfolding as a zigzag Elliott Wave structure. Up from 8.25.2022 low, wave ((A)) ended at 1.5706 and wave ((B)) pullback ended at 1.5259. Internal subdivision of wave (B) unfolded as a running flat. Wave (A) ended at 1.5254 and wave (B) ended at 1.5645. Wave (C) lower ended at 1.527 with subdivision as a 5 waves impulse. Down from wave (B), wave 1 ended at 1.5367 and rally in wave 2 ended at 1.5476. Pair resumed lower in wave 3 towards 1.5299, wave 4 ended at 1.534, and wave 5 lower ended at 1.527. This completed wave (B) in higher degree.
Wave ((C)) higher is in progress and it has broken above ((A)) at 15706 confirming that the next leg higher has started. Up from 12.1.2022 low, wave ((i)) ended at 1.5553 and pullback in wave ((ii)) ended at 1.5434. Pair resumed higher in wave ((iii)) towards 1.569 and pullback in wave ((iv)) ended at 1.5594. Final leg higher wave ((v)) ended at 1.5749 which completed wave 1. Wave 2 pullback is in progress to correct cycle from 12.1.2022 low before the rally resumes. Near term, as far as pivot at 1.527 low stays intact, expect dips to find support in 3, 7, or 11 swing for further upside.
Wave ((C)) higher is in progress and it has broken above ((A)) at 15706 confirming that the next leg higher has started. Up from 12.1.2022 low, wave ((i)) ended at 1.5553 and pullback in wave ((ii)) ended at 1.5434. Pair resumed higher in wave ((iii)) towards 1.569 and pullback in wave ((iv)) ended at 1.5594. Final leg higher wave ((v)) ended at 1.5749 which completed wave 1. Wave 2 pullback is in progress to correct cycle from 12.1.2022 low before the rally resumes. Near term, as far as pivot at 1.527 low stays intact, expect dips to find support in 3, 7, or 11 swing for further upside.
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