Well it certainly looks like a zig zag and correction forming in Wave 5 so I would say yes.
If you think this is the beginning of a new trend then an ending diagonal probably shouldn't be here right?
Your expectations may be met with resistance. Pun intended.
Trend Analysis: This 5 Wave Structure looks extremely corrective. If it was an impulse wave then this thing would have some power behind it. E waves are fake out waves.
If you have seen my previous ideas then you will know that the red line has been the target, the AUD will try to make it there but will probably struggle.
Let's see how this plays out.
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