On the hourly chart of AUDUSD we can see the typical 5-3 Elliott Wave cycle. The interesting thing is in the shape of wave C of (2)/B – it is an expanding ending diagonal. All of its characteristics are the same as in the regular ending diagonal except of its shape. Instead of contracting, the two lines, the ending diagonal forms between, tend to widen towards the end of the pattern. However, the consequences should stay the same. That is why we expect another sell-off in AUDUSD soon. The minimum targets are below the bottom of 0.9326, while the count would be invalidated, if prices go above 0.9504.
