AUDUSD is turning down from 0.7834 high for the last two weeks where wave C-circled might completed a big corrective wave IV which looks like a flat. A flat correction is a 3-3-5 pattern; a contra-trend movement that should send price back to the lows after a completion. So far, market made a very good and strong bearish turn to 0.7170 with impulsive personality, thus we believe that big black wave V is underway. That been said,  we are looking lower as long as 0.7834 holds, but be aware of a corrective retracement up into sub-wave two.

AUDUSD, Daily

A Flat is a three-wave pattern labeled A-B-C that generally moves sideways. It is corrective, counter-trend and is a very common Elliott pattern.

Basic Flat Pattern: