Here is my favoured count for the AUD/USD pair. The sharp drop from 0.9325 looks more impulsive than corrective, which is why I believe that red wave 3 down has begun. An important trend line support has been broken and I expect a retest before further downside. I have drawn in the Fibonacci ratios to show where black wave 1 down may finish, this is in no way conclusive however as wave 1 may extend. I will be looking to get short when the trend line is being retested, most likely at the 61.8% Fibonacci of black wave 1 down.
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