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In our previous review, “Ending of horizontal triangle. Wave analysis of AUD/USD for 20.10.2014”, we discussed a possible scenarios how the price may move to complete a descending impulse [v].
Probably, the pair has already finished horizontal triangle (iv) of [v] and started forming wedge i of (v) of the final descending wave (v) of [v]. In this case, after completing a local ascending correction ii of (v), the market is expected to start a descending impulse iii of (v).
If our assumption about triangle (iv) of [v] of C is correct, then the predicted target of a descending impulse (v) of [v] may be near level of 0.85.
The market has formed a possible descending impulse [v] of C of (4) with an extension in its third wave, (iii) of [v]. In this case, waves (v) and (i) of [v] are expected to be approximately equal in length, which is also confirmed by level of 0.85.
However, at the same time one should remember that any possible scenario is subjective and the market may move in a completely different direction.
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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.