December 22, 2011 8:00:31 AM by
Peter
Elliott Wave AUDUSD 1 Hour Chart
Wednesday, 21 December 2011 at 7:15:00PM AEST
AUDUSD extended gains nicely towards previous wave X) highs as highlighted in our video yesterday. Move as we can see is very extended and sharp, typical wave three personality of an impulsive structure. As such, any deep pull-back in the near-future will be wave 4, likely of 3).
4Hour
Elliott Wave AUDUSD 4 Hour Chart
Wednesday, 21 December 2011 at 5:17:00PM AEST
-corrective wave E) done
A sharp rally in the past 24hours definitely suggests that Elliott wave E) is done and that this pair is headed higher towards and above 1.0378 region. As such, we believe that rise is impulsive from the most recent lows, because of the price personality; sharp rise, uptrend acceleration is short period of time.
Ideally, pair could reach 1.05 in coming days and weeks.
Daily
Elliott Wave AUDUSD Daily Chart
19 December 2011
-wave IV triangle near completion
Aussie traded lower in the past week after reaching a top at 1.0382 area, where we called end of a wave (D). From there price moved lower quite slowly so we are very confident that pull-back is corrective, and ideally wave (E), final leg of a contracting triangle. If that’s the case, then bullish reversal should occur, while 0.9658 support holds.
We know that Elliott Wave Triangles can be very tricky patterns, because they can occur in wave Aussie traded lower in the past week after reaching a top at 1.0382 area, where we called end of a wave (D). From there price moved lower quite slowly so we are very confident that pull-back is corrective, and ideally wave (E), final leg of a contracting triangle. If that’s the case, then bullish reversal should occur, while 0.9658 support holds.
