Australian Dollar a-b-c Correction?

We maintain that a C wave decline is underway towards the 100% extension of .8390-.8168/.8349 at .8127. Bears are in control as long as .8256 remains intact. .8127 would be where wave C would equal wave A (55 day SMA at .8149).

We are showing the EW count of wave C today. The rally from .8180 is in 3 waves (so far), so it is reasonable to remain bearish. If the rally traces out 5 waves, then we would need to reassess our position.