5th wave of a bearish Elliott Wave

FX:AUDUSD   Australian Dollar / U.S. Dollar
I noticed what looks like the 5th wave of an elliott wave . It seems like it's bouncing off the support area I drew a few days ago which coincide with the .382 retracement level and the PP. I put my S/L just below the PP because everything seem to indicate a really strong support area. Currently my T/P is set around where I expect the price to go but when the price will reach R1 I'll probably set a trailing stop. To follow ...

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