Elliott Wave View: AUDUSD in 3 Waves Correction

Short term Elliott wave view in AUDUSD suggests the pair ended the cycle from January 1, 2020 high in wave (1) at 0.6658 low. Down from January 1, wave 1 ended at 0.6845 low and wave 2 ended at 0.6934 high. The pair continues to the downside and ended wave 3 at 0.6675 low and the bounce in wave 4 ended at 0.6774 high. Wave ((i)) of 5 ended at 0.6708 low. The bounce in wave ((ii)) ended at 0.6724 high. From there, pair resumed lower in wave ((iii)) towards 0.6668 low. Wave ((iv)) bounce ended at 0.6686 high. The final wave ((v)) of 5 ended at 0.6658 low.

The pair is now correcting the cycle from January 1 in a larger 3 waves bounce within wave (2). Wave ((i)) of A ended at 0.6737 high with internal subdivision as a leading diagonal. Wave (i) of ((i)) ended at 0.6707 high and the pullback in wave (ii) ended at 0.6668 low. From there, it bounced higher in wave (iii) and ended at 0.6719 high. Wave (iv) then ended at 0.6696 low. The pair then moved higher in wave (v) which ended at 0.6737 high. From there, the pair is doing a pullback in wave ((ii)) and it has ended at 0.6704. As far as the pivot at 0.6658 low stays intact, expect dip to find support in 3,7,11 swing for further upside.

AUDUSD 1 Hour Elliott Wave Chart