In the 1H Chart we see two possible szenarios. If we believe the downtrend will continue then we should count 1 and 2 (in red).
If we believe that the 5 wave down move (in green) is completed then we should label it as truncated (failure) wave 5 and should expect higher prices. See 'alt: 1' in grey.
Nevertheless I believe we will see a rise over the next few weeks and months.
I'll post comments over the week and do a weekly checkup. Stay tuned!
In the last week the USDOLLAR was a little weak. The statement of FED's president Yellen seems to have weeken the Dollar, which affects all majors.