The chart is expecting that we are still in the Double Three Combo WXY Wave from the monthly analyses
The current movement is expected to extend the double three combo to make it a triple three combo wave WXYXZ.
Expectations:
If the price falls to around 1.046, then we will have two scenarios:
If the price rebounds from this point, then we will complete the bullish waves.
However, if it breaks the support and continues to fall, we should take note of the following points:
Wave 2 goes deeper after an extended Wave 1, we must consider it to be an ABC Wave instead of an Impulse Wave.
In this scenario, Wave 1 would be Wave A, followed by a corrective Wave B.
After the completion of Wave B, Wave C would occur and is expected to target T1 or T2.
Note: These scenarios are just some of the analysis scenarios and are not necessarily expected to happen Please check the monthly analyses and other scenarios for more information about the wave labeling.