AUD/USD Elliot Wave Count 11/30/2011 4:13PM - Hourly Updated
We've blown through the initial targets I was calling for at 1.0 in the AUD/USD and it appears we have
completed another 3 wave move. That makes 2, 3 way moves from the low in early October. I expect
a pullback before more upside. We've completed an initial 5 waves up and after a run like we've had the
beginning of the week I think a pullback is warranted. We could see a sideways correction but look for the
38.2% retracement of this latest move to hold.
Longer term this looks like it could be a 3-3-5 flat formation.
We've blown through the initial targets I was calling for at 1.0 in the AUD/USD and it appears we have
completed another 3 wave move. That makes 2, 3 way moves from the low in early October. I expect
a pullback before more upside. We've completed an initial 5 waves up and after a run like we've had the
beginning of the week I think a pullback is warranted. We could see a sideways correction but look for the
38.2% retracement of this latest move to hold.
Longer term this looks like it could be a 3-3-5 flat formation.