On smaller time frame (1min) I could only conclude the breakdown was an W - X - Y...that was it ... until the peak 1.0981.
If this surge was a wave (i) of 3 of Grand 3 Up trend...there should be indication of divergence on bigger time frame. So far occurance only once on the Weekly . Not enough to convince me. should be down again to make the 2nd divergence......that means price also has to go down.
If this hurricane is about to form in to a Flat or a triangle. Well...we do have the first triangle ( w - x - y ) for up. Next should be 3 wave down.
If this is going to be a , ...price at the moment peak also has to go down in 3 wave form.
On the same conclusion....seems moment price peak is entering a Cumulus Nimbus Cloud. Like it or not....it has to go lower.
If Triangle / Flat ....Top Boundary 1.0981....Low Boundary 1.0520....in 3 wave move down to 23.6% level
If wave (i) of 3 of 3 or ......correction to 61.8% @ 1.0805 (because this surge is high thrust)..
lower correction to 38.2% @ 1.0696
still inside the storm...... buckle up....and read my previous post
Have a Good Trade.