AUD/USD and AORD - Odds favor a top in place

The break below the wave 2-4 trendline add confidence in the count, that a top is in place. I'm not crazy about calling a failure top, but with a small five wave count from 85.76 to 93.82 and the break below the wave 2-4 trendline adds confidence in the call.

A break below 89.98 will give the top call even more weight.


With the break below 4,732.70 the decline since 5,048.60 can't be a minor wave 4 because of the overlap with wave 1. At the same time we have seen a break below the wave 2-4 trendline support adding confidence in the call for a top at 5,048.60.

The next important support area is located in the 4,603 - 4,612 area. In the bigger picture a break below 4,483.30 will be the final confirmation that the top is in and wave [C] down has begun.