In our discussion yesterday, we had kept the alternate count probability for a potential new high ( above 97.00) before dropping lower, as open. Today, as we see prices dropping below 95.50 level, the alternate probability can be possibly ruled out for now. Considering that 96.98 levels could be a meaningful top in place, the corrective (3 wave, A-B-C) drop, is expected to accelerate as highlighted here. It could drop lower at least through the previous wave (4) of a lower degree around 94.00 level. Further drop towards 92.00 and 91.60 levels also remain a possibility considering they are the 50% and fibonacci 61.8% corrective drops of the entire rally between 88.30 through 97.00 levels respectively.
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Disclaimer:
This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.