This pair completed a 3 wave impulse and is now carving out a bear flag
. One more move down is possible. I exited long positions in anticipation of this wave down. If this move is in fact the last impulse down, expect it to take about 4 weeks to complete. I am much more interested for the long trade once the down move is finished as it has potential to be a massive 3 wave movement back up. There is a lot of pips for the short trade, however, so I might decide to double dip this pair.