The most common pattern after a large advance or decline is a triangle. In Elliott this shows up in wave 4. There are also a number of triangles showing up withing the very large potential forming triangle (in mauve lines). These are called FRACTAL pattern. If it's the blue path, it will likely be choppy for a while. (5 to 10 days) Then followed by a thrust upward. IF it continues to advance with the RED line then 1.17 is possible.
Trade closed: target reached:
The pair followed the path of the blue lines (more or less) as was my bias. I think it may have topped for now. See my more recent post.
Comment:
This is where the move up needs to fail
