Elliott wave analysis of AUD/USD - Is a bottom close at hand?

AUD/USD

I have had quite a few questions about this cross lately, so let's  do an update on this cross.

After the X-wave triangle ended at 1.0583 I have been looking for a new corrective decline. As the decline from 1.0583 is clearly impulsive in its character we know we are looking at a Zig-zag correction. Of this Zig-zag correction we are about to end wave A as we can count five waves Down on the daily chart as well as we can see a clear divergence  on the EWO-indicator (new Lows in the rates are not confirmed by the indicator).

As we know we are close to a bottom for wave A Down from 1.0583 where can we expect it to end?
As wave v is already more than 100% of wave i we will have to do some calculations. First we take the distance from the top of wave i (1.0583) to the bottom of wave iii (0.9321), then we calculate three possible target for wave v and they are:

1: 38.2% of 1.0583 - 0.9321 = 4.82, which we subtract from the top of wave iv at 0.9665, that will give us a target of 91.83. This target is already broken, so we will move on to the next possible target.

2: 50% of 1.0583 - 0.9321 = 6.31, which gives us a target of 0.9034, which is almost exactly where we are closed Friday. However, we need to calculate one more target, which is.

3: 61.8% of 1.0583 - 0.9321 = 7.80, which gives us a target of 0.8885.

However there might be a problem with the last target. Looking at the 4 hourly chart blue wave of v is overlapping and looks like some kind of ending diagonal. blue wave iii is shorter than blue wave i and that means blue wave v can't move below 0.8962, as wave three is not allowed to be the shortest wave under the Elliott Wave Principle. So if the ending diagonal Count is correct we should not see a move below 0.8962. However, if we do break below 0.8962, then our calculated target at 0.8885 comes into play.

As we know we likely is very close to a bottom we should be looking for sings indicating, that wave B is developing, and the first sign will be a break above 0.9190 and confirmation will be a break above 0.9345.

As the first target for wave B I would look for the 38.2% corrective target of wave A, which comes in at 0.9626, which is also very close to the top of wave iv of A, which comes in at 0.9665. Wave B we be a three wave rally or a triangle and we will just have to see how it unfolds.