Triangle wave 4 has played out and 1.1750 zone can be used as a back stop for any short positions. Looks like we are about to embark on a wave 5 lower to around 1.1350 zone where a med term low may look to form for possible long side plays for 5%-6% upside.
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On its way. Staying short. Stop can be lowered to 1.1650.
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There are a few targets in the high 1.12s-low 1.13s that seem reasonable for this proposed last leg down in bigger picture wave 1 (or A) lower. Once this is complete expect a bounce over coming weeks/months back towards 1.20 area. Given the ability of markets to surprise by persistence of moves in extremis however we would need to see a base build (or a capitulation and rapid reversal) before having a shot at going long (where a definitive stop loss level can be identified for buyers)