Bearish pattern .
1) First wave is a normal wave, then followed by correction
2) second wave is another wave that extends beyond the first wave low and reach the 1.27 for the first pullback(AB on chart)
3)Then the most important wave is the third wave, which extends beyond the second wave low. At this point you should be ready to monitor the price around the 1.27 extension for the second pullback wave(CD on chart).
it is called the PRZ(Potential Reversal Zone). Expect an upside rebound at this area.
If you add a confirmation tool like the hammer candlestick pattern at the PRZ of you increase your chances even further.
For Daily Forecasts, trading ideas and tutorials , visit http://www.thefxchannel.com