EUR/AUD long term view - A multi year new uptrend ahead?

 EUR/AUD (Monthly) - Heiko yesterday asked me, if I would analyse this cross, which I of cause will be happy to do. As we can see on the monthly chart above we have been in a expanded flat correction since August 1992. The correction most likely ended in August 2012 with the test of 1.1604. That is a 20 year correction as we saw it for EUR/NZD yesterday.
Looking at the expanded flat correction we can clearly see that red wave A was in three waves. Red wave B, which broke above the top of red wave A (which is whats makes it an expanded flat correction) also was made up of three waves, with the B-wave being a large triangle. Finally we have seen red wave C from a high of 2.1115 in October 2008 down to 1.1604 in August 2012.

 EUR/AUD (Weekly) - If we zoom in on red wave C down from 2.1115 to 1.1604 we can see that the decline have been in five waves as we would expect in a C-wave of a correction. Looking at the relationships between the waves we can see that wave 3 was 3.618 times longer than wave 1 and down to the bottom of wave 5 this distance was 4.236 times longer than wave 1.
Finally it looks like wave 4 was a triangle. Triangles always tells us, that we will see one more move in the direction of the trend (in this case down) before the end of the trend. Wave 5 itself was made up of five waves.

EUR/AUD (4 Hour) - Zooming in on the rally from the bottom at 1.1604 we can see, that we are in a impulsive rally, which is the first good indication, that a long term important bottom could be in place. Looking at the internal waves of this first impulsive rally we are should see one more new high above the wave iii high at 1.2328. For wave v I will be looking for the first target at 1.2510, which will be 38.2% of the distance traveled from the bottom of wave 1 to the top of wave 3 and the second possible target will be at 1.2680 where wave v will be 61.8% of that same distance. Therefore we should stay bullish for now, but we are clearly closing in on the top of the first wave of a multi year new uptrend.