However, AUD/USD has still room to go down a lot more and probably will initially go south from here but it is not the impulsive wave 1 (of larger wave 5) that I had in mind when the ending diagonal appeared to be complete.
Sunday, August 21, 2016
AUD/USD and Gold going down in a correction fashion
A few weeks ago AUD/USD appeared to be breaking out of an ending diagonal which made me think that wave C of wave 4 (daily chart) was complete. Aussi is now roughly 100 down from that level but crucially in a clear corrective structure. In my view there is no way that this price action can be seen as impulsive movement.
However, AUD/USD has still room to go down a lot more and probably will initially go south from here but it is not the impulsive wave 1 (of larger wave 5) that I had in mind when the ending diagonal appeared to be complete.
Gold's movement is also corrective (and looks also set up to go south in a wave C).
However, AUD/USD has still room to go down a lot more and probably will initially go south from here but it is not the impulsive wave 1 (of larger wave 5) that I had in mind when the ending diagonal appeared to be complete.
