Corrective pattern -- still preparing for a long move

Jun 20, 2016

The main takeaway of this 4 hour chart is that the pattern is corrective. I have it as a WXY pattern, with one more low to come. The most recent low at 1.43x is only 3 waves up, so either it is finished and we head down, or we have one more gyration for another 3 up. That will resemble the last upward gyration (X), heading towards the upper trend line--1.46x--then down to complete (Y).

Once this pattern is completed, I see the pair moving up towards the 50 - 61.8% retracement of the whole 5 down -- basically a thousand pip move north from 1.42x to 1.52x region.

Jun 23, 2016

Note

still corrective, the last move down is only 3 waves. Looking for triangle.