Australian Dollar Small 5 Down From .8349

We maintain that a C wave decline is underway towards the 100% extension of .8390-.8168/.8349 at .8127.

Near term, there are 5 waves down from .8349 in what is wave 1 in what should prove to be a 5 wave bearish sequence (C wave will be 5 waves). We are looking for a bounce in a second wave towards the former 4th at .8268 before the next leg down occurs.