Elliott Wave Analysis On AUDNZD And SILVER
Elliott Wave Analysis On AUDNZD And SILVER
AUDNZD
On the AUDNZD 4h chart we are looking at a probable three wave retracement taking place, with price specifically trading in blue wave c of 2 or B. As such we believe more weakness may come in play within the blue wave c, with an ideal reversal zone near the 50.0 or 61.8 Fibonacci ratio.
AUDNZD, 4H
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SILVER
Silver is still trading quite choppy, now in final wave c of a corrective retracement, that seems to be constructed as an ending diagonal. As such we believe more weakness may come in play around the 18.004 level, where previous former wave iv may act as a reversal lower.
SILVER, 1H
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The ending diagonal is a special type of motive wave that occurs primarily in the wave 5 position when price has moved too far and too fast. Some ending diagonal triangles appear in the C wave of an ABC correction. In all cases, the ending diagonal terminates the move of larger patterns. They consist out of five waves, with each having three more sub-waves.
Basic Ending Diagonal:
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