AU 5 Minute Chart with Possible Wave Count
We could easily be looking at a significant bearish wave count beginning here gang.
So far, the count supports a Wave 1 down followed by a Wave 2 retrace to the 88.6 fib. Then a bigger drop followed by a 61.8 retrace. Those levels fit in perfectly with a 1-2 (1)-(2) count at this point.
If this count is correct, we have seen the top in AU for a while.
A break back above 1.05288 would negate the current count unless AU breaks down to lower lows below 1.05 before rallying again. If the current count is correct, it's projecting a low somewhere around 1.0475, pretty close to the previous lows. A break below that 1.0463 low would certainly lock in larger bearish momentum coming.