Article By RoboForex.com
Analysis for December 22nd, 2014
In our previous reviews, “It’s about time to reverse. Wave analysis of AUD/USD for 13.12.2014”, we discussed a possible scenario how the price may complete a descending correction (4).
Possibly, the final wave v of (v) of impulse (v) of [v] of C of (4) is taking the form of ending diagonal triangle and may be completed quite soon.
In addition to that, the first wave of impulse (v) of [v] of C of (4), i of (v), is a leading diagonal triangle, and the third wave, iii of (v), is shorter than the first one, i of (v). If this assumption is confirmed, it means that the critical level here is at 0.8045, which mustn’t be broken until the market finishes the downtrend.
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.
However, at the same time one should remember that any possible scenario is subjective and the market may move in a completely different direction.
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RoboForex Analytical Department
Article By RoboForex.com
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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
