The AUDUSD (now at 0.8762) has almost reached the target around 0.8750. This should be followed by a short rally to 0.8864-0.8900 before resuming the downtrend to 0.8067-0.8047.
If the pattern that is unfolding is an "Expanded Flat" the new rally could be more substantial. See the note below.
After point "d", the AUDUSD seems to be staging a very long "wave e" (weekly chart). This can either be in 3 or 5 waves
There's a chance that we are witnessing an "Expanded Flat" in the daily chart.
If this is the case, point "2" (in magenta) should be renamed "a" followed by "b" around 0.8750 and "c" around 0.9148-0.9166.
Hence, the temporary rally could take the pair to 0.9148-0.9166 before resuming the downtrend.
Enter your trade only when you have a valid cross of the 2 inside lines in the daily or 4-hour charts.
Remember to place your "trailing stop" according to the "instructions" from the wave oscillator.
monthly chart - click to enlarge
weekly chart - click to enlarge
daily chart - click to enlarge
wave oscillator over the daily chart - click to enlarge
4-hour chart - click to enlarge
wave oscillator over the 4-hour chart - click to enlarge
1-hour chart - click to enlarge
wave oscillator over the 1-hour chart - click to enlarge