(Click at the pictures to enlarge)After a 47.55% rise since October 2008 the Aussi dollar just finished a five wave C rally. This C wave rally has meet strong resistance in form of the trend line back from October 2001 that was broken to the downside September 29 last year.
The five wave C rally has ended with a expanding triangle (best seen on the hourly chart). These formation are very important top formations and are very reliable. I'm now looking for a break below the 86.00 area to confirm, that wave C and red wave [B] has finished.
A break below 85.82 will at least confirm a move down to the bottom of wave iv at 77.00. But red wave [C] should ultimately take us down to and below the bottom of red wave [B] at 60.04.
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