Please check the main chart with link below which shows larger cycle with lot of room to the downside.
I am publishing this chart purely because the nature of retracement seems to suggest we have retracement with potentially wave "c" as being ( ) which if correct would offer very clear stop loss placement and the breakdown is likely to resume the cycle with wave ( iii ) developing which could be stronger than the wave (i) decline.
This potential short entry might line up with FOMC's minutes later today.
Downside target could be at least retest of the last low or lower still. See the main chart referred to above.
There is no need of any further note except to remind all:
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Thank you for taking the time to read my analysis.
You are correct that wave iii cannot be the shortest. In this rising wedge format it would then follow that wave 4 would be the shortest.Hence you care correct that even if the wave v happens to have an over throw it cannot go beyond the length of wave iii applied from low of wave iv.
However as we approach 0.7740 -0.7750 zone look for evidence of potential reversal signal using smaller time frame like Hourly. Then may be you could get in short entry with 50 pips or less stop loss. But keeping in mind that the reversal must take place before the max high for the move as you have noted. Otherwise a review of analysis might be necessary.
Hope this helps.