AUD/USD; Maybe a Flat Instead of a Zig Zag

1H: Following up with an early post on AUD/USD, the rally causes some adjustments in the Elliott Wave count.

I mentioned before that for this to be a wave b, the rally should not have a third wave up above 0.8810. The market ran up to 0.8833 completing an impulse wave that started at the beginning of the week.

This makes me believe that first of all, we may have some further rally to test the previous top near 0.8880.

Thus the c wave may not be able to break below 0.8634 before the market continues the rally. This would complete the consolidation as a flat instead of a zig zag.

However if the market is supported above 0.87. we may already be in a wave 1 of the next bullish impulse wave.

Instead I suspect if this impulse wave is an indication of further rally, that there will be support as early as 0.8730 (50% retracement of the current rally).

There is a bearish divergence suggesting the timing is okay for a near-term correction of the latest upswing from 0.8634.