The counter is in a bearish cycle.
The wave 2 was a deep correction, retracing almost to the origin of wave 1.
So, wave 3 is a strong wave and it hasn’t completed its formation.
The critical support of 0.68803 has been broken recently and it was tested with a pullback as well.
It offered and nudged back the pair to create a new low.
We expect the counter has legs for more down move and then a correction in the form of wave 4 to follow.
The wave 2 was a deep correction, retracing almost to the origin of wave 1.
So, wave 3 is a strong wave and it hasn’t completed its formation.
The critical support of 0.68803 has been broken recently and it was tested with a pullback as well.
It offered and nudged back the pair to create a new low.
We expect the counter has legs for more down move and then a correction in the form of wave 4 to follow.