AUDCAD - short (at least short-term)

Please check my previous chart on AUDCAD to understand my main idea. I still remain cautious and believe that the bulls haven´t won the fight just yet.

Short-term I believe we will go down for about a week until we will learn about the nature of the price action.

Bearish case = We just finished a wave 2 and made the first 1-2 of a longer wave 3 down.
Bullish case = We could have potentially several 1-2 setups on different wave degrees and we are currently in the 3rd 1-2 setup and price should continue into my green box. If the bullish scenario becomes reality we should see the price rising very strong after touching that box.

So, short-term bearish for sure!!!

Personally, I believe in much more downside but we have to follow the charts and listen to what price tells us.