AUD/USD Daily | Inside the Wave StructureAustralian Dollar / US DollarCAPITALCOM:AUDUSDMehdi_Abbasi_EWPOn the daily chart, our primary focus is the structure developing from the starting date and price marked on the chart. At this stage, the simplest interpretation is the development of a 5-3-5 Zigzag. However, as price continues to evolve, the structure could still develop into a Sideways Correction or a more complex corrective pattern. For now, the objective is not to determine the entire structure in advance. Instead, we are focusing on how each wave develops internally. 🟢 Wave A Wave A can currently be interpreted as an Impulsive Pattern. At the beginning of this wave, we can observe nested Waves 1 and 2, which accelerated the initial advance and eventually carried price toward a new high. If this count remains valid, this five-wave movement may represent Wave A of the larger corrective structure. 🟢 Wave B Wave B can currently be interpreted as a Double Zigzag, with the possibility of developing into a Triple Zigzag if the structure becomes more complex. At this stage, however, the exact pattern is not the only important factor. What matters more is the price behavior and the range the structure appears to be seeking. Therefore, we allow Wave B to develop further and will reassess the count as new evidence becomes available. 🟢 Wave C | The Key Part of the Analysis Wave C is currently being interpreted as a potential Impulsive Pattern, and its internal structure is already showing characteristics of an impulsive movement. The key question is: Is this movement Wave 1 of a larger impulsive structure? If Wave 1 contained nested structures at its beginning and then accelerated, a Sharp Correction in Wave 2 could develop. In that case, the current price action may represent only part of the Wave 2 correction, with another movement still required to complete it. However, if Wave 2 has already completed, the market could be preparing to begin Wave 3. 🎯 What Would Confirm This Scenario? A significant confirmation would come if price breaks above the Wave 1 high with impulsive price action. From there, any correction that develops should be evaluated through its internal structure, depth, time, and wave relationships. There is also another important guideline to keep in mind: If Wave 1 within the green Wave C proves to be an extended wave, then according to the guidelines of the Elliott Wave Principle, the other two impulsive waves—Waves 3 and 5—would generally tend to be shorter than the extended initial wave. This guideline can become useful later when evaluating the relative size of the impulsive waves and the validity of the current count. 🔎 Current Assessment At present, the primary daily scenario is a 5-3-5 structure, but it is still too early for complete confirmation. The current focus is on two questions: Is green Wave C developing as an impulsive movement? And: Is the current price action still part of the Wave 2 correction, or is the market preparing to begin Wave 3? The answers should come from price action and the evolution of the internal wave structure, rather than from the analyst's assumptions. In the Elliott Wave Principle, structure comes first—and the scenario must follow the structure. 📌 To better understand this scenario and its relationship with the higher-degree structure, the Monthly and Weekly charts are also included at the end of this analysis. Mr. Nobody 🎧 Patterns whisper. I listen. Australian Dollar / U.S. Dollar Jul 31 AUD/USD Monthly Chart | Elliott Wave Principle Aug 4 AUD/USD Weekly | Two Valid Elliott Wave Scenarios