Description
⋅ So the bounce back left behind a series of 3 waves down, enough to make a leading diagonal.
Leading diagonal retracements are deep.
Looking at a 61.8 or 78% pullback ahead of some news events later today.
If you have counted 5 waves up from the magenta line then the wave 2 correction will be completed.
Price action cannot go above 1.08750, so another opportunity to short this or move stops coming up.
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Comment
⋅ IF THE MAGENTA LINE IS BROKEN THAT IS A SELL SIGNAL.
Comment
⋅ If magenta line is broken the stop can be just above 1.08179 (tight stop)
Trade active
⋅ I see a complete correction.