Article By RoboForex.com
In our previous reviews, “Expecting the trend reversal. Wave analysis of AUD/USD for 03.12.2014”, we discussed a possible scenario how the price may complete a descending correction (4).
Our mid-term expectations haven’t changed so far – according to the main scenario the market is expected to complete a descending correction (4) and start the final ascending zigzag A-B-C of (5), unless the price chooses one of alternative scenarios.
Probably, the price is finishing its descending movement inside impulse (v) of [v] of C of (4), which is not quite usual. The first wave of this impulse, i of (v), is a leading diagonal triangle, and the third wave, iii of (v), is shorter than the first one, i of (v). It means that the critical level here is at 0.8045, which mustn’t be broken until the market finishes the downtrend.
However, at the same time one should remember that any possible scenario is subjective and the market may move in a completely different direction.
RoboForex Analytical Department
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