Australia Ordinaries - In the early stages of wave [C] down

I have shown my prefered count of the Australia Ordinaries.

As can be seen wave [B] ended after a perfect 50% retracement of the prior wave [A] and the following decline was a beuatiful five wave decline telling us, that wave [C] has begun. We are only in the very early stages of wave [C] down, which ultimately should break below the bottom of wave [A].



Closing in on the bigger picture we can see a clear five wave decline from 4,983 ending wave 1 at 4,483 (a nice 500 points drop). Wave 2 is currently ongoing. I would expect wave 2 to peak near the 61.8% retracement of wave 1, which would make it peak near 4,792 (also finishing the right shoulder in a nice looking Shoulder/Head/Shoulder top).

Take care when wave 2 peaks as the wave 3 decline will be much more powerfull.