AUD/USD Retracement to .786!

On the larger scale of things (weekly chart) we just finished a 3 yr elliot/ fib combo. Which means this may actually be a wave 1 of another big elliot/fib combo. This chart usually retraces to the 0.786 and for elliot, wave 1's retracement is known to be the 0.786 so that is why i am betting on a significant retracement here. On top of all this the weekly indicators are in correlation with the daily being over bought. When they start falling it will be a very big ride down the retracement hill.