Reason 1: 1.1617 (current price) is 1.618 fib extension which confirms that is sub wave 3 of 5 complete
Reason 2: Ratio 5 vs 1 wave is not hit 100% (@1.60164)
I could be wrong but feel free to let me know your thoughts on this.
This pair may go your way further down to 1.60164 before reversing or it is reversing now. That does not matter, because corrective patterns will eventually be retraced.
I've entered positions already around 1.6140 with confidence, because very small position sizes (feeler) is used initially until it moves into trend, then large positions (killer) will be placed by scaling-in:
1. to prevent large d/d.
2. to avoid missing out on a trade.
3. so I can sleep better overnight. : )
EW analysis is not an exact science, while money management (esp. position sizing & scaling-in) in setting up trades does help.
Best to your trades,