Australian Dollar Wave C Down

[B]Commentary:[/B] The Aussie has played out just as expected. We have maintained that "the decline from .8870 is the beginning of larger wave 4 within the 5 wave rally from .7268. Over the next several weeks, the AUDUSD could decline to the former 4th wave at .8162.

Wave A of the decline ended at .8458 and wave B is underway now. Wave B is unfolding as a flat or triangle. If a flat, then price may top close to .8664 (50% of .8870-.8458)." The high this morning was at .8661 and the AUDUSD has reversed. Look for a decline below .8443 towards the 100% extension of .8870-.8458/.8661 at .8249. [B]Strategy:[/B] Bearish now, against .8661 targets .8249 and TBD