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Elliott Wave Charting: Aud/Usd Top of A Correction

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Elliott Wave Charting: Aud/Usd

Aussie reached new highs around 0.9084 before the pair turned lower. The previous wave count was re-worked into a more complex upward correction of our blue wave (2). We are looking for a double zig-zag correction separated by an expanded flat in wave X).

The prices of a corrective wave (2) failed to break through the 61.8% Fibonacci resistance level for a second time in a row, which could be a very bearish signal in the near-term price action.

Our overall expectation is still a turning point into the Short side of the pair that remains in play so long as it trades below the 0.9327 top.

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