AUSUSD - Profit target of 1st correction wave has been met.

The profit target of the AUD/USD on the daily chart has been met at 127.0% Extention of the fib of the 1st corrective wave. Often we miss this target and look at a larger swing. Mostly the 1st corrective wave is the one to measure. After a steep rise we will see price come back to a 50% retracement level before resuming the trend long. While my bias is bullish on this pair I am in the short term looking for short's on a lower time frame, being careful of the bulls at the 618% and 786% levels. I like the long from the 50% at the Trend line once it gets there I will be looking for a change of trend on an hourly 1-2-3 pattern to take the trade long.