Forex

AUDUSD Showed Nice Short Set-Up Based on Elliott Wave patternSep 11, 2023

AUDUSD Showed Nice Short Set-Up pattern from technical point of view and Based on Elliott Wave theory.

Back on August 29 we have been tracking a corrective wave 4 rally and expected a resumption lower due to a bearish pattern, so we were looking down for a fifth wave as you can see on the first chart.

AUDUSD 4H Chart From Aug 29

Well, a few days later pair came nicely down as expected, back to a new low.

AUDUSD 4H Updated Chart

Now, you may be wondering why market followed the pattern? Well, keep in mind that in Elliott Wave theory impulses are in five waves, and back on August 29, this hasn’t been the case yet, so stay with a trend did make sense.

But question is what happens now, after price reached new low!? More weakness, sideways price action, maybe even bullish trend will show up?

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