Elliott wave analysis of AUD/NZD - Short term bottom in place?

 WEEKLY

 

4 HOURLY

AUD/NZD

Please see my last post from July 4 here first: http://theelliottwavesufer.blogspot.dk/2013/07/elliott-wave-analysis-of-audnzd-long.html

Well as you can see red wave v and Black wave iii has extended from where I expected it to end in my post from July 4. However, that doesn't change the bigger Picture, which still calls for a decline towards the 1.0865 - 1.0935.

If we take a look at the short term Picture (see the 4 hour chart) we have seen or is very close to the bottom of Black wave iii and we should soon see Black wave iv followed by Black wave v lower. The price-action over the coming week will likely be way more choppy as we are entering a series of wave four's and five's.

Where should we expect Black wave iv to end? I will be looking at a correction higher towards 1.1623 and possibly even a move towards 1.1700, from where the next decline in Black wave v should be expected.