By Orbex
The AUDUSD currency pair shows the formation of a long-term descending triple combination consisting of primary sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.
Not so long ago, wave Ⓨ, which is a triple zigzag, ended. This included intermediate sub-waves (W)-(X)-(Y)-(X)-(Z), marked with blue letters in parentheses.
If we take a closer look at the primary intervening wave Ⓧ, we will see that it is a triple three. Wave Ⓨ consists of intermediate sub-waves (W)-(X)-(Y)-(X)-(Z).
At the moment, the development of the last intermediate wave (Z) is taking place, in which we see minor sub-waves A-B-C. A and B have already been built, and C is now under construction.
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In the upcoming trading days, prices will rise in the impulse wave C to the 0.730 level. The target is determined by the previous maximum formed by the wave (Y).
An alternative option indicates that the primary intervening wave Ⓧ could complete earlier at the top of the chart. After that, the decline in the wave Ⓩ will begin. This wave consists of intermediate sub-waves (W)-(X)-(Y), where (W) and (X) are fully complete.
The intermediate wave (Z) is currently under construction. For us, this wave is of the greatest interest now, because it is not complete yet, and it has a complex internal structure.
In fact, sub-waves W-X-Y in (Z) and W have taken the form of a triple zigzag.
Apparently, the development of the minor wave Y, which can end near 0.688, is now taking place. At that level, the entire intermediate wave (Y) will be at 76.4% of wave (W), so the completion of the minor Y in this area is very likely.
Article by Orbex
Orbex is a fully licensed broker that was established in 2011. Founded with a mission to serve its traders responsibly and provides traders with access to the world’s largest and most liquid financial markets. www.orbex.com
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