Chart1_4-25

An AUDUSD multi-year top may be in place. The rally from the 2001 low is an A-B-C advance (countertrend) and wave C (from .6771) from can be counted as an ending diagonal.  One reason to favor the near term topping scenario is the short term pattern.

Chart2_4-25

Quite simply, Elliott analysis is all about 5’s and 3’s.  5 wave movements are in the direction of the larger trend.  In the case of the AUDUSD, a 5 wave decline is visible (at this point) from .9541.  A corrective rally from near current levels would confirm that a top (possibly a major one) is in place at .9541.  Be sure to check the technicals next week for updates to the short term pattern.