AUDUSD is going down this year?

FX:AUDUSD   Australian Dollar / U.S. Dollar
In this pair we can identify the possible major Elliott wave impulse pattern unrolling down (blue circles). In the smaller pattern degree you can see middle of the impulse pattern unfolding with in the wave 3 (red ones). Major level of 0.8 is broken down and retested from below. Supportive trend line (connecting monthly close prices) is broken too, but not yet tested (it is possible to see test of this line with in the end of major impulse pattern wave 4. Second supportive trend line (connecting monthly lowest wicks) is broken and retested too (previous month candle closed above the line, but this candle could not make new higher high as pin bar 3 to the left, so last one is considered as reversal doji with a strong move down this month). All time low to high Fibonacci retracement level 61.8% coincide with lower trend line . If market will close below 0.7 as this month ends, we could see trend continuation down into next support levels.
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Hello Ven ?
Thats a good looking count you have.
Within your red lables I counted 5 waves to the bottom at 0.688 in Sept 15 as red 3.
I have thought my wave 4 triangle over the last 3 months is to small compared to the abc of your red 2.
I hope you are right and there is a long way to go to blue 5.
It's always possible that we already have blue 5 and it's going to bounce in a big ABC right now.
What do you think of these possibilities ?
Indulge me please, with your big picture count up to Aug 2011
Good chart, I agree

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