Aussie followed the script, to a tee, for a wave-4 triangle and final wave-5 thrust. Now that 5-waves up are complete we are on the lookout for a meaningful correction or trend change. A trend change to lower warrants concern because this rally from May could have completed an even larger impulse that began in January. Notice the RSI divergence between waves-(3) & (5) and more recently between waves-3 & 5. A break of key trendline support at .9365 is the first sign of more weakness to come. (daily) S/t, a 5-wave decline is well underway. Post a minor wave-iv consolidation we’ll look for another drop towards .9345. A shorter time frame approach would be to set shorts here an cover at .9350 & .9325; we prefer to let the initial wave-(1) sell-off unfold and set shorts on a larger correction ahead of wave-(3) down. (h) Conviction: Med/High Levels: Support – .9350, .9325, .9225 Resistance – ..9388, .9425, .9460
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