AUDUSD/SPX Correlation & Wave Count
I'm not so much interested in the tight correlation, what interests me is the apparent same minor wave count.
As suggested previous chart on the AUDUSD it had formed a wave e and then it did a lovely (and very profitable) 400+ pip drop off taking out the low back in September last year.
But after what I've labelled as wave (iv), ending 0.70487, of the drop it appears to be doing a repeated a-b-c pattern, suggesting an ending diagonal in the making. (This pair is seemingly in the right place to do that.)
The same as the S&P. (Which I was trading yesterday, logging that little drop as of a-b-c form) And I THINK both have just completed wave a of iii (?)
If all so, this may be the beginning / middle of the end of a major wave for this forex pair. And the AUDJPY. And the commodities / crude, USDCAD etc. connection, blah-blah … crude & the USDCAD / AUDUSD turning up or down into a major 4th (I think).
I would stress this is a POTENTIAL ending diagonal in formation.
As suggested previous chart on the AUDUSD it had formed a wave e and then it did a lovely (and very profitable) 400+ pip drop off taking out the low back in September last year.
But after what I've labelled as wave (iv), ending 0.70487, of the drop it appears to be doing a repeated a-b-c pattern, suggesting an ending diagonal in the making. (This pair is seemingly in the right place to do that.)
The same as the S&P. (Which I was trading yesterday, logging that little drop as of a-b-c form) And I THINK both have just completed wave a of iii (?)
If all so, this may be the beginning / middle of the end of a major wave for this forex pair. And the AUDJPY. And the commodities / crude, USDCAD etc. connection, blah-blah … crude & the USDCAD / AUDUSD turning up or down into a major 4th (I think).
I would stress this is a POTENTIAL ending diagonal in formation.
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