Australian Dollar Large B Wave

Commentary: A correction is undoubtedly playing out right now in the Aussie (all pairs actually). The 3 wave movements at carrying degrees of trend make this clear. There are a number of possibilities right now, too many to take a strong stand one way or the other.

Price could come under .8051 to test the 61.8% of .7673-.8333 in a b wave before proceeding higher in wave c to complete the correction from .7673?.or a b wave bottom may already be in place and price could continue higher from above .8051 to complete the c wave. A rally through .8234 favors the latter scenario and a drop under .8051 favors the former. Strategy: Bearish Target 1 hit on AUDUSD at .8072, move to flat