Since the 2012 top, it appears that AUDCAD
has move sideways in what could be a Flat Correction
. If to then we have waves (a) and (b) almost complete and are both abc zigzag
. That would suggest that the Wave (c) of the Flat correction
just commenced or will do so shortly will be strong 5 wave decline. Risk is relevantly small and can be initiated using smaller TF like H4 to ensure confirmation that the top is in place and RSI
divergence is also in place. H4 TF seems to indicate that Friday's top could be the swing high and short could be considered.