Please see my post from May 8 and May 18 - 2013 here first:
http://theelliottwavesufer.blogspot.dk/2013/05/elliott-wave-analysis-of-audusd-and.html (May 8)
http://theelliottwavesufer.blogspot.dk/2013/05/elliott-wave-analysis-of-usd-today-its.html (May 18)
Yesterday we made a perfect touch Down on my May 8 target-zone between 0.7750 - 0.7800 as we yesterday tested a low of 0.7756. Not alone did we have strong long term support at 0.7750, but we also had the 2.618 times extension target of wave i at 0.7801, reinforcing the strength of its importance. What to expect now? We should expect wave iv correcting wave iii. The most normal correction target of wave iii would be the 38.2% corrections target, which will mean a rally to 0.8073, but from time to time we does see small corrections, which would be the 23.6% target at 0.7952 and sometimes we see larger corrections, which would be the 50% target at 0.8171, but one thing is almost certain, once this correction is over, we can expect wave v lower and this time strong support at 0.7750 will break and that will have long term consequences for this cross... Like a decline to at least 0.6630 and likely even lower.
What about the Aussi (AUD) you might ask. As you can see the Picture is pretty much the same. Yesterday we mad a perfect touch down at the 2.618 times extension target of wave i at 0.9415 and we should now see a 38.2% correction of wave iii towards 0.9727 and then down again.
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