If you are an Aussi-dollar bull there is absolutely nothing good about the above chart. The wave 4 triangle you where looking at is invalidated and now the long term uptrend since late 2008 has been broken...
However if you are in the bear camp there is everything to cheer for as the downside is wide open and the least we should expect is a decline Down to 0.9142, but I think is more likely, that the bottom of wave b at 0.8070 will be the attraction. That said we shall not forget, that the decline from the 1.1080 is clearly corrective and once this correction is over, then a new high shall be seen. However, that is no excuse for holding on to a long AUD-position, as much better buying levels will be available in the future.
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