In AUDUSD we have ascending triangle formation, on simpler logic after every consolidation there will be a good move which happens out of breakout. I'm not strict elliott follower, I just use that for my analysis to support the decisions I'm gonna make, not to determine direction also. Sometimes rarely I used that to determine direction of Market. Its just My style of trading elliots and to keep complex things out of it.
The above chart you can consider as simple ascending triangle pattern and enter the breakout direction or if you go by elliot rules wait for downside breakout. If we enter on upside breakout have strict stops, to avoid whipsaws or false breakouts bcos AUDUSD is in bear mode for quite sometime.
My Opinion : Any direction Breakout is fine for Me to initiate the Trade. Happy Trading !
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Now there is second chance for entry on Pullback, but guys please go in with strict stops !