Monday, 2 May 2011

AUD/USD 40 year chart and possible long term Elliott Wave count

This chart of the AUD/USD from 1971 to the present day shows a completed Elliott Wave impulse wave 1-2-3-4-5, followed by a correction A-B-C, with wave C today touching an almost perfect 0.618 Fibonnaci retracement of the impulse wave. The implication of this count is that the AUD/USD should move impulsively below its low of 0.4776 in coming years. Big thanks to

Silver daily

Silver is testing the upper trend line of the trend channel formed from the late January lows. A close below that trend line would be sign that the trend had changed to down. A close below the lower trend line would be an even stronger indication of a trend change.

AUD/USD monthly

Testing the trend line. Watch for potential reversal.