In the long term, the AUDUSD pair forms a large correction b of the cycle degree. This has the structure of a primary double zigzag Ⓦ-Ⓧ-Ⓨ.
Two parts, sub-waves (A)-(B), can end inside the actionary wave Ⓨ. The current chart shows the structure of wave (C).
Wave (C) is an impulse that consists of minor sub-waves 1-2-3-4-5. There is a high probability that the price inside the final minor wave 5 will reach a minimum of 0.617.
An alternative shows an alternative markup option in which we see an incomplete intermediate correction (B).
Wave (B) has a complex internal structure of a triple zigzag W-X-Y-X-Z.
There is a high probability that a minor wave Z is being built in the last section. This wave could end in the form of a minute double zigzag at 0.732, as shown on the chart.
At the level of 0.732, correction (B) will be at 76.4% of impulse (A).
The post AUDUSD Double or Triple Zigzag? appeared first on Orbex Forex Trading Blog.
