2 Hour Chart trend: Mixed. Main price points: 0.7826, 0.7967, and 0.8260. Looking for: Wave 4) correction
Aussie has made a quite powerful turning point around previous wave 3) highs, and we are still watching for a correction structure in a blue wave 4). On the chart below we have actually two possible corrective wave counts which need to be completed before we can start to look for a higher wave 5) targets. The first possible correction structure in wave 4) is a triangle pattern with a third leg in process and two legs yet to come, where the prices must not break through the 0.7826 lows.
If the market can break through the 0.7967 support in the near future then it may also be the case of a flat correction with a possible turning point after a five waves of decline in a current leg lower. Below you can also check out a few corrective patterns which are possible in wave four position; we are looking for a “flat” and “symmetrical triangle”.
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