As suggested previous chart on the AUDUSD it had formed a wave e and then it did a lovely (and very profitable) 400+ pip drop off taking out the low back in September last year.
But after what I've labelled as wave (iv), ending 0.70487, of the drop it appears to be doing a repeated a-b-c pattern, suggesting an in the making. (This pair is seemingly in the right place to do that.)
The same as the S&P . (Which I was trading yesterday, logging that little drop as of a-b-c form) And I THINK both have just completed wave a of iii (?)
If all so, this may be the beginning / middle of the end of a major wave for this forex pair. And the AUDJPY . And the / crude, USDCAD etc. connection, blah-blah … crude & the USDCAD / AUDUSD turning up or down into a major 4th (I think).
I would stress this is a POTENTIAL in formation.