Analysis for September 18th, 2014
In our previous review, “Expecting an ascending correction. Wave analysis of AUD/USD for 10.09.2014”, we discussed a possible scenario how the price may complete a descending wave
(v) of [a] and reverse upwards.
However, after an ascending correction of about 100 points, the price decided to form a descending
extension inside wave
(v) of [a], thus delaying the trend revers upwards.
Probably, right now the pair is finishing the final descending impulse
(v) of [a] in the form of
extension, which may be followed by the trend reverse upwards inside wave
[b].
The chart structure implies that the market is about to complete a large descending
wedge[a] of B (or maybe the whole descending correction
B) and may soon start forming an ascending correction
[b] of B.
Our mid-term expectations haven’t changed so far – the price is still forming a large descending
zigzagB of (5), which may continue for several months. After forming a descending
wedge[a] of B, the price is expected to start an ascending correction
[b] of B.
However, at the same time one should remember that any possible scenario is subjective and the market may move in a completely different direction.
RoboForex Analytical Department