pattern developing take a short on lower time frame entry or wait for completion and take your long.
Retracement of C leg white box is 38.2% uk.tradingview.com
A hypothetical 3 swing back the other way from 38.2% (with equality) would see price test the tops again.
look for bounce and small correction abc on 1 minute for buy target new fib levels 38.2 for example - there should be pips to the upside even if you think the overall direction is down now.
zigzag in progress can terminate at 61.8 to 100%
5 waves down on 5 min chart looking for scalp long back to top of wave 4 38.2% of 3
Going to look for a bounce at 1-1 and buy above 0.114 retracement sl below 0 line and target 61.8%
My analysis of what`s happening on EURO.
I am Long this trade from 1.21704 took off 50% after 10 pips. Sl still at 1.21471 below 50% retracement of the "red extension" from 1-1. The price is at a lot of levels Fibonacci wise and could possibly be a flat abc move on the 4 hour chart the 1 hour chart also showed divergence on rsi with the 15 min rsi oversold at these levels which led to the buy trade. On...
more long on Euro heading for one to 1 extension (RED fib)
Death and destruction.
2 options for aud I prefer option a as it stands then possible continuation of up trend
long for wave c of correction running flat or expanding flart (which will give false break of head and shoulders pattern) it will still turn down. for higher degree c wave. sorry chart looks a bit cluttered but you`ll get the general idea behind my thinking.