In my last post I predicted a bonce near the equal legs target from
the 2008 highs:
It seems like this downtrend is in wave five and a recovery should take place soon.
The big area of interest is 1.12-1.02
As anticipated, we got a bounce at the 1.05 level, but the correction seems to be
in a sideways fashion, most likely a triangel.
This correction have give indication that the sideways trading that occurred between
2010 and 2014 was a complex correction wave (X), and we probably should see
new lows in the 0.98-0.80 area to complete wave (Y).
Alternatively, we are in wave ( XX ) that should give way to new lows in wave (Z).
Either way, we should see lows below the 1.0 mark.