Elliott wave analysis on EUR/AUD - Short term top, but still much more upside to cover...

EUR/AUD

Please see my post from April 10 here first: http://theelliottwavesufer.blogspot.dk/2013/04/elliott-wave-analysis-of-euraud.html

And my long term Count from September 7 - 2012 here: http://theelliottwavesufer.blogspot.dk/2012/09/euraud-long-term-view-multi-year-new.html

As we now have broken above the top of wave i at 1.3190 wave iii is confirmed, but as you can see above we are still in the very early stages of wave iii. we have much more upside to cover.

Wave i of 3 wave an expanded leading diagonal and following an diagonal triangle we should expect the next impulsive wave to extend. In this case that Means a rally at least 1.618 times wave i and that leaves us with the first possible target for wave iii at 1.3883.

However, short term we will likely see a minor top at 1.3268, but remember it will only be a minor top and we should always expect shallow and even sub-normal correction as wave iii progresses.