By Orbex
AUDUSD suggests the formation of a large impulse of a cycle degree that consists of primary sub-waves ①-②-③-④-⑤. The current chart shows the internal structure of the final wave ⑤.
Most likely, wave ⑤ will take the form of an intermediate impulse (1)-(2)-(3)-(4)-(5), as shown on the chart. At the moment, sub-waves (1) and (2) have ended. Now a bullish impulse wave (3) is developing.
Apparently, wave (3) has not yet completed its impulse. In the near future, there could be a continuation of price growth in the minor sub-wave 5.
The next price target is 0.769, at which sub-wave (3) will be at 61.8% of sub-wave (1).
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Alternatively, the primary wave ⑤ does not take the form of an impulse, but of an ending diagonal.
Therefore, the formation of the intermediate wave (3) is already fully complete. This is a minor simple zigzag A-B-C.
Thus, a correction wave (4) of the intermediate degree is currently under construction. It is likely that wave (4) will end at 0.727, forming a bearish zigzag A-B-C.
The probability of reaching this level is high since at that level, wave (4) will be at 76.4% along the Fibonacci lines of wave (3).
Article by Orbex
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