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Elliott Wave chart analysis for the AUDUSD for 29th April, 2011. Please click on the charts below to enlarge.

The Aussie has been rocketing upwards of late and so I thought I would take a look to see if I can predict when this trend will end.

Monthly Chart.

This wave count expects that the low at 0.4814 in August 2001 was the end of a longer five wave structure at cycle degree. Prior to this low downwards movement was in impulsive structures and upwards movement was corrective. Waves 3 and 5 black both have impulsive wave counts, as does wave 5 maroon.

Thereafter the next upwards wave labeled cycle (teal green) A is ambiguous. It looks most easily like a three, but it also may be counted as a five as I have done here.

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