AUDUSD near term UPDATE: Final targets in sight (15 min chart).

This is an UPDATE to my AU short call posted here (click).

The movement has been exactly as expected thus far.
Now we see if we get wave (4) to Ping one if its targets above.
If price breaks much above 0.67588, then we may have bottomed.

0.67246/215 is now the mostly likely target imo.
0.67364/345 is the expected minimum end point.
0.67688/668 is possible invalidation of wave count.

My early analysis calling for a long to then short:

My last analysis mapping waves (4) and (5):

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Here we are at the first possible wave 4 end point.

came up strong and fast, well before London Open. It may well blast through this zone.

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Comment:

Zoomed in, we have a clear reaction at the zone

at least a "recognition" of it thus far.

So even if it gets past this zone, we can have confidence in the remaining fib lines.

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Some thoughts on the chart text

in an nutshell, I think the red 2.236 at $0.67688 is in play now.

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Zoom again, (3 min candles)

Each fib is like a rip in space-time: they MUST be acknowledged!

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Comment:

Bit of a rejection, as expected

what makes this key is that the zone was clearly recognized, and apparently it was too strong for Asia session flows to cross. I would like to see it come down to the red fib below, for a possible local "double bottom", which to me means a "weaker support".

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Beautiful

the rejection was strong enough the reach the red support Fib, which was a decent distance!

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Red fib support broke as expected

now we have two more support fibs coming . We have already seen the red line and zone at 0.67464 create two bounces. If we get there, it will be interesting to see the reaction.

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Now at the Purple Fib line, and a pause again

I would expect price to wander between these lines until London Open in about 15 minutes.

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Putting a Fib on the drop thus far today (looking for Retracement %'s)

We see a near prefect rejection at the 0.786 (78.6%) Retracement. AU likes that retrace, most asssets like the 0.618 or 0.764.

IF the .786 remains the top of bounce, then we should hit at least the -0.236 extension below, then -0.382, then the -0.618 which is a very common extension for all assets.

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We have tested each zone multiple times and they have proven their existence loud and clear

Now, as for direction, I still think another leg down is more likely than turn of trend. Gotta admit those jumps in price were higher than expected, and two identical peaks is very unusual.

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Comment:

The original target still seems "possible" but this support ledge has been holding price

Looks like we are slipping off the ledge, so I still think next target is more likely than a strong bounce yet.

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