Elliott wave's principle is that the market moves in waves. In a mouvement, there is 5 waves or impulses.
Here with AUDUSD, there is a clear double bottom reversal ending the bearish trend we were in for a few years. After the double bottom, we saw the first wave already completed and right now we are in the second wave, which is a corrective one. We should begin the third wave soon and right now AUDUSD is trading at the 50% fibonacci retracement, the 100 days moving average and the span B of ichimoku's kumo cloud.
To me this looks like the perfect setup to trade the second wave, which is the institutional wave and the longest wave of the 5.
You labeled the low as 1.
Maybe redo the chart?