JB3 here.
Trying to find enough time to put together the comprehensive post that I've been dreaming of doing for the past week or more is just not gonna happen, so the next best thing is to punch out a singular-focused post when the available time presents itself.
So here goes... starting with the AUD/USD. On the longer term charts it can be seen that often the EUR/USD diverges to the downside ahead of the AUD/USD near important tops, and this could be playing out again now.
But in the last few trading days two other things of note have happened to the AUD.
Firstly, on the daily chart it has broken a fairly dominant uptrend line, as shown below:
Then, on the hourly chart, I see some very pretty Elliott wave patterns:
Very clean waves, almost textbook. Nice acceleration on what appears to be an impending third wave to the downside. That would certainly fit with broken TL on the daily. If so, 0.87ish for the AUD/USD should print fairly soonish (like within a week or two). Again, if this is the case, I'd like to also suggest you bring up a chart of the AUD/USD overlaid on top of the $SPX, and note that the AUD/USD began crashing before the "big" crash wave on the $SPX. This may be a useful 'canary'.
The more bullish alternative is that this is just a C wave in progress, and new highs for the AUD/USD would be in store in that case.
'Tis all for now.
Cheers
JB3
