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AUD/USD Elliott Wave Analysis: Symptoms of a Top
AUD/USD has been trading sideways for the past three weeks. Previously, we wrote how a longer term top could be in place for the pair. Today, we will zoom into a smaller time-frame chart to see if a bearish trend is unfolding. Looking at a 2 hour chart, the Elliott Wave model we are following is suggesting lower prices so long as AUD/USD remains below .8066. We can count the downtrend beginning with a leading diagonal pattern followed by an a-b-c correction higher. I’m showing the correction higher began on August 10 and is taking the shape of an expanded flat correction. It appears the upward correction is over, ... (full story)