This pair is most probably in a C wave of an ABC
corrective structure which is carving out in a bearish Bat
pattern. In the shown area, an Inverted AB=CD
pattern also completes which adds to the selling pressure which might arise
in that area.
We expect that after a pullback within the 4th wave of the C wave of the final C wave, price will ultimately reach that zone wherein we will expect the bears to return in full force.
Cyclical Waves Group