Keeping an eye on the AUDUSD it seems as if the market is in a 3rd phase, normally it extends about 1.618 fibonacci extension but sometimes it can reach the 2.618 fionacci.
One thing to keep in mind is that wave 1 and 4 never overlaps. From my view i think wave (4) will retrace 50% of wave (3).
Wave (3) will be a Zig-Zag pattern, it is 5-3-5 pattern and is contained within a parallel channel. Wave B never goes above wave A but not always breaks below wave C( Trancation ).
One thing to keep in mind is that wave 1 and 4 never overlaps. From my view i think wave (4) will retrace 50% of wave (3).
Wave (3) will be a Zig-Zag pattern, it is 5-3-5 pattern and is contained within a parallel channel. Wave B never goes above wave A but not always breaks below wave C( Trancation ).