The current structure of the AUDUSD pair indicates that the market is forming a zigzag a- b-c, which currently includes a complex bearish correction b. Wave b consists of primary sub-waves.
The last section of the chart shows the structure of the final primary wave. It seems that it will be an intermediate triple zigzag (W)-(X)-(Y)-(X)-(Z), which is currently completed in 4/5 parts. To complete this pattern, the final actionary wave (Z) is needed, which seems to take the form of a minor double zigzag W-X-Y and may end near 0.645.
At that level, cycle correction b will be at 61.8% along the Fibonacci lines of cycle impulse wave a.
According to an alternative scenario, the bearish wave of the primary degree, which is part of the cycle correction b, may be fully completed.
Thus, in the last section of the chart, we can observe the formation of the initial part of the cycle wave c, which can take the form of an impulse ①-②-③-④-⑤. The structure of the potential impulse is schematically shown by trend lines.
It is assumed that the primary impulse ①and the correction ② to this impulse have already been built, so in the near future the currency pair may move in an upward direction, forming a primary third wave above the maximum of 0.728 in the direction of the price mark of 0.765.
At the level of 0.765, impulse wave ③ will be at 161.8% of wave ①.
