On this chart we are looking at the Trading View platform and the AUS/USD Forex pair. We will start the count from the bottom of the last move in March of 2020 until the current day.
We see the market impulses up into the Wave 3 of 3 (June 2020) which is also the tallest peak on the AO. Then we have a small a,b,c retracement and then we see the 5 waves of the 5th wave of the 3rd wave complete (August 2020).
That is followed by the next A,B,C, corrective wave. The PROFITUNITY AO crosses the zero line in the Wave 4 correction. (When you have 100-140 bars in the wave sequence you are counting). This ends on November 2, 2020.
The larger degree impulse Wave 5 starts up and takes out the previous high of Wave 3 with a lower peak on the AO. This creates a divergence between Wave 3 and Wave 5.
The tallest peak in the 5th wave is the 3rd wave of the wave. It continues up to create the final 5th wave leg and then we start the larger degree correction. (Jan 2021)
Large degree Wave 4 will retrace more than the smaller degrees in the previous impulse wave. (starts in February 2021).
Wave 4 crosses the zero line and we see and A wave and the B wave is still in progress. If our count is correct you can expect to see another low take out the low of the A Wave at .75328 area.
This C Wave should have 5 sub waves and we will check back in a week or so to review our count and it’s accuracy. Stay tuned!!
We combine our Wiseman indicators along with the Elliott Wave knowledge to have better trade location -when our count is correct this can be a game changer!
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