I believe the AUDCAD has formed a Bearish Wedge pattern as seen here on the 4hr Chart. Wave E should reach the top off the upper wedge, but as is with a lot of wedge patterns, this is not always the case. It could go just above the upper edge of the wedge before falling, or even half way up to the upper edge of the wedge before falling. This is why I would wait for the break of the lower wedge trend line before entering short.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.