AUDUSD new uptrend or downtrend continuation? elliott wave count
On daily chart we can easily count 5 wave end in target type 1 ext 3 and price break channel
After making 5 wave we expecting abc correction or new trend move in reverse direction
Let zoom in first up move after wave 5
Look like it is a abc correction so if it stop and resistance by wave 4 we will have 3 situation happen
1 price will continue downtrend form ext 5
2 a flat correction will form on daily chart and we will have wave c break previous wave 4
3 that is wave 1 of new uptrend move
After making 5 wave we expecting abc correction or new trend move in reverse direction
Let zoom in first up move after wave 5
1 price will continue downtrend form ext 5
2 a flat correction will form on daily chart and we will have wave c break previous wave 4
3 that is wave 1 of new uptrend move