AUDUSD - Daily Correction Ending?

FX:AUDUSD   Australian Dollar / U.S. Dollar
109 0 5
AUDUSD             is by far my most favourite pair of the last 2 or so weeks. It has provided me with a couple of great short sells which have granted me a fair amount of pips, however I am now going to explain why we could potential be approaching a much larger move to the downside. This Idea is similar to an idea I have posted about another USD pair in the last few days however I am seeing some people dying to long AUDUSD             and to me that seems ludicrous.

Even though this post will contradict my other post on USDCAD             in a way, I feel it is an Idea worth sharing.

AU is in a daily corrective move. This hypothesis is built on the assumption that the correction is currently in its C wave which, if your are familiar with basic Elliot Wave Theory, is the last wave of the correction before the prior trend continues (depending on the type of correction).

In this case, the C wave can be construed as an ending diagonal which leaves us with massive scope for shorting this pair; because if this analysis is correct we will see a very large move to the downside worth hundreds of pips. The swing must be confirmed by a break of the lower.

What is more is that this is a key meeting area for the daily and weekly trend - this confluence builds confidence in a possible short view.

One thing is set in my mind however, I will not be going long on this pair. Decide your yourselves.
Trade active: Upside Breakout on the 4 hour confirmed, awaiting pullback.
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