What is prefigured here, through a careful examination of the Elliott cycles, is the beginning of a corrective wave. The 1h chart shows the price level at the top of the AudUsd wave 5 and, before the breakout, a new rebound on the trend line could configure a reversal pattern: head and shoulders or double top.
Point IV is lower than point I. It's not Elliot wave.
marco_politi
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Hi @geleone,
if you put an orizontal line at the bottom of wave four you ca see that it is exactly at the same level of point 1.
Thank you for your comment
geleone
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@marco_politi, If you zoom in, you'll see that it's tiny bit lower. It's nitpicking, of course. But does it affect the way we should interpret waves? I don't have definite answer.