Although I was expecting the AUDUSD to get to 0.9388 it might have reached the top at 0.93656 and start reversing. It's now at 0.9350.
This new downtrend might take the Aussie down to 0.8578-0.8509 or even 0.8160-0.8067 in 5 waves.
NOTE:
There's still a chance of a last minute jump to 0.9388 before reversing.
ELLIOTT WAVES
As in the monthly chart, the AUDUSD as completed 4 waves out of 5 and started wave 5 downwards. Typically, this wave will be performed in 5 waves of a smaller degree.
At present we're staging the beginning of wave 5 downwards- see 1-hour chart
WAVE OSCILLATOR
Enter your trade only when you have a valid cross of the 2 inner lines in See the W.O. build on the daily chart. Remember to place your "trailing stop" according to the "instructions" from the wave oscillator.
monthly chart - click to enlarge
weekly chart - click to enlarge
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