AUDUSD Harmonic Crab Forming

AUDUSD is starting to show signs of a harmonic crab pattern. Currently rejecting the 61.8% of the most recent swing high to swing low will lead us to the -27% extension which is confluent with the 61.8%. This is take profit 1 (TP1). Expect a slight retrace (bear flag) in this zone up to about 0.68100 then a continuation of drop back down to yearly lows at 0.66800 confluent with Fibonacci level 127% which will complete the crab pattern. This is our ultimate target TP 2.