Aussie have been trading to the downside in a strong fashion way since beginning of the year. Although we have complete a 5 wave cycle since we break to the downside (figure 1, red wave notes) this is just the first wave of higher degree based on Elliott Wave theory. The reason why we may assume this is the first wave of higher degree is because of the structure of the recent up move, which is an abc formation, corrective in his nature. This abc formation should end the next wave of higher degre…