AUDUSD sharp leg lower?

AUDUSD has been trading in a series of tight bullish and bearish waves, with very clear direction and defined changes of direction. If this pattern continues then we have just seen the newest change of direction and we're headed down again.

Interestingly, take note of the angles of the upper and lower trendlines. Obviously as we zoom in and out the actual angles change, but the relationships between those angles are what we're looking at.

The first bullish wave highlighted was a very sharp increase, with the next bullish wave being shallower, and the most recent being shallower still.

And the bearish waves have done the opposite - we saw a relatively shallow long wave down, followed by a steeper wave down, followed by another, even steeper wave down.

Now if we copy the last wave and create a minimally steeper (1 degree difference) trendline, we have a predictive measure. If the pattern continues we could expect price to drop, with highs at or below this trendline.

This isn't something I would use as a primary signal by any means, but an interesting pattern that coincides with my overall bearish view on AUDUSD.