AUDUSD Cycle Correction b To End Near 0.645

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AUDUSD Cycle Correction b To End Near 0.645

AUDUSD seems to be forming a zigzag a-b-c, which currently includes a complex bearish correction b. Wave b consists of primary sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.

The last section of the chart shows the structure of the final primary wave Ⓩ. It seems that it will be an intermediate triple zigzag (W)-(X)-(Y)-(X)-(Z). The final actionary wave (Z) takes the form of a minor double zigzag W-X-Y and could end near 0.645.

At that level, cycle correction b will be at 61.8% of cycle impulse wave a.

 

In the second view, the bearish wave Ⓩ of the primary degree, which is part of the cycle correction b, could have ended.

Thus, in the last section of the chart, we can observe the formation of the initial part of the cycle wave c. This could take the form of an impulse ①-②-③-④-⑤. The structure of the potential impulse is schematically shown by trend lines.

The primary impulse wave ① and the correction wave ② to this impulse have already been built. So in the near future the currency pair could form a primary third wave towards 0.762.

At the level of 0.762, impulse wave ③ will be at 200% of wave ①.

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