28th August:
The Wave ^d is now confirmed at 1.0613 and thus overall we should continue to see losses in Wave ^e. The first ABC looks like stalling towards the lower half of the span of the last Wave b - around 1.0200-40 in Wave c. In terms of correlating this with the dollar in general I wonder whether we should be expecting a complex Wave x. That needs to be assessed as the decline continues but overall I still have a lower Wave ^e target.
Intraday Structure
AUD/USD - 60 Min" title="AUD/USD - 60 Min" width="662" height="291">
28th August:
I had been assuming that Wave ^e would develop as a zigzag but very clearly we're going to see a combination. We saw an initial Wave (a) at 1.0410 and flat correction to the 66.7% retracement in Wave (b) at 1.0545. From there we are in the process of seeing an 5-wave decline and later today we should see the 198.4% projection in Wave -iii- at 1.0307.
With Wave -ii- at 38.2% we could get close to a 50% retracement in Wave -iv- ahead of losses in Wave -v- that look like reaching the 58.6% - 76.4% projection in Wave -v- at 1.0264 - or as deep as 1.0216. These also represent the 138.2% - 161.8% projection in Wave (c). Once seen we can expect a pullback higher.