The initial drop from 1,3816 marks the first impulse in a new downtrend according to my analysis,
since the correction phase in previous finished large downtrend is completed. My analysis contains three
waves. All three waves are extracted with fib levels from the first initial wave, called x2.
If you look at the latest upward move (correction) you can see how the first impulse drawn from the bottom 1,3294 with the first fib level placed at the end of first impulse up, i e 1,3494 you have the completion right exactly at the previous high on the pip. Remarkable accuracy, which also show the power of measuring the first impulse. One can argue since price turned down right at the 0,382 of this Z wave up, that it is completed. It may be the case.