Nov. 9th – AUDUSD

On the intraday, we can see that the price action has broken the upper limit of the corrective channel, this would argue that maybe (C) is in place. However we could label the move down from ((5)) as a 5 wave down as well and label it as a A of a ZigZag to form, now working on B. I have added an alternative labeling in Black that sees (A) in place, a triangle almost finished for (B) and expecting a (C) wave down for ((4)). Breaking the key resistance up would invalidate this labeling. Breaking the key support as show on the chart would give confidence to the triangle labeling and expectation that we will see another low before ((5)) is ready to start.