Elliott Wave Analysis On Crude OIL And AUDUSD
Crude OIL
OIL is in the corrective mode but near completion, as it seems. This corrective pattern, named a double zig-zag could complete around 47.50-70 area.
We can count 5 waves from the lows at 45.83 and as we know after every five waves a new correction follows. This means we expect higher levels on this commodity soon.
Crude OIL, 1H
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AUDUSD
AUDUSD made some progress to the upside, but still as we said this could be an ending diagonal within wave C, and that is why we believe this upwards reaction is quite slow, choppy and overlapping. We look for wave C to touch 0.7500-20 zone to find a possible resistance and a turning point lower in sessions to come.
AUDUSD, 30Min
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