Ewj: elliott wave

bears..... please don't stop being bearish

 

unless it is an ABC only

 

......

 

iwm

 

Hi Mu, How do you count the AUDUSD monthly or weekly chart?
It seems to me it has arrived to 5th wave, and due for a correction or fall perhaps within 2 months

 

AUD/USD can be in Wave IVb]c)5 or Wave 3]1)5 .
The red lines may be SELL Signals.

 

Crude Oil shows fifth subwave of fifthe subwave of fifth wave at measured move :eek: .
But the DOWN move looks corrective.
There may be some more waves UP .

 

Thanks Mu. Based on your wave counts, do you think AUDUSD weekly/monthly chart is near the end of the rally, or significant up move is still likely?

 

The wave count has 2 alternatives .
Both say there should be some correction soon, because of the ending diagonal pattern.
If the correction stays above the horizontal red line, we may have three more UP waves .
If the correction falls below all red lines, we may be in Wave IVc] which may go below 0.60 :eek: .

 

Thanks Mu. I'll watch that.

The monthly chart also seems to meet a channel resistance lately. And AUDUSD's general trend follows S&P stock index quite closely in the recent years. Once the S&P falls AUDUSD may follow.