Technical Analysis of the Forex Spot Markets using Elliott Waves, Chart Patterns, Candlesticks and other tools. Disclaimer: None of the comments in this blog shall be construed as professional trading or investment advice.
I’ve two counts for the unfolding waves for AUDUSD. Overall, the pattern looks very corrective to me, and I’m thinking we are still in a wave 4.
GREEN – Counts the pattern as a complex correction with a triangle in the middle.
BLUE – Counts for prices to move higher to complete a wave B before decline.
In the larger term, I looking out for a drop, before a final rally for a wave 5 of V before large decline. 
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Founded in 1979 by Robert R. Prechter Jr., Elliott Wave International (EWI) is the world's largest market forecasting firm. Its staff of full-time analysts provides 24-hour-a-day market analysis to institutional and private around the world.
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Dear Investor,
The facts are hard to reconcile:
Home values right now are falling in regions where they had been stable for three years... but, the Dow Industrials recently climbed above 12,000 for the first time since mid-2008.
Unemployment is far too high and growth is nonexistent... but, the Federal Reserve will "do whatever it takes" to provide economic stimulus.
Intense political discord is rising in the U.S., even as protests sweep across entire regions of the globe... but, bullish investor sentiment has swelled to historically high levels.
These data points don't go well together. Still, facts are facts -- whether they "reconcile" or not. So, like every individual investor, you have choices to make. Obviously, what you choose depends greatly on what you believe the future holds.
It's just that right now, the future seems murky in ways few of us have experienced. Then again, "few" is not "all"...
... Meaning, you could have an astonishing stroke of luck, whereby you cross paths with a market pro who's been around for decades. Maybe even the sort of guy who was "keeping hourly charts by hand back in the 1970s."
A guy like that will have just about seen it all. He could compare today's trend with the trends of the past 30 years, because he lived (and worked) through them. Heck, he'd know even more than that, since he learned the trade when he was young from people with decades of their own experience.
You probably know where I'm going with this, so I'll spell it out. The Elliott Wave Theorist which published in February includes more of Robert Prechter's experience than I've ever read in a single issue -- all 30-plus years of it.
What matters is that he uses his experience at a moment when it can do the most good, namely when investors are most vulnerable. After being "net sellers" for three years, the public is moving back into mutual funds. One simple chart in the above-mentioned Theorist reveals the perils of this trend.
So, Prechter has done a comparative analysis of today's stock market, vs. four primary degree (long-term) examples from his own career. In this you'll see his familiarity with market history at the deepest level -- this includes some of the charts he did by hand years ago.
An experienced voice is the most important when it's the hardest to hear -- and perhaps the least welcome. This doesn't have to be the case with you. Robert Prechter's analysis begins and ends with facts about the market -- the charts most of all.
You owe it to yourself to read this issue of The Elliott Wave Theorist.
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Sincerely,
Robert Folsom, Senior Editor
With EWI since 1992
Posted on behalf of Elliott Wave International
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This article was syndicated by Elliott Wave International and was originally published under the headline Big Advantages of Trading with the Wave Principle. EWI is the world's largest market forecasting firm. Its staff of full-time analysts led by Chartered Market Technician Robert Prechter provides 24-hour-a-day market analysis to institutional and private investors around the world.