This pair is correction the drop from 3.7. It safe to say that it will correct much higher later on.
But for now it looks like the market is in the process of completing a zigzag.
Because wave A is a 3 wave advance in a zigzag formation, that means that this correction should
take a flat formation. The min. target for a wave B in a flat is 70 retrace of wave A.
This could also be a triangle, but it more likley a flat due to the time it took to complete this 3 wave advance.
We may have made a top in the pair,
but if not, then we shall see an top very soon.
Double divergence; between wave A and C and wave 3 and 5 within wave C.
Wave 5 of C was an ending diagonal. Look below for more charts.
But for now it looks like the market is in the process of completing a zigzag.
Because wave A is a 3 wave advance in a zigzag formation, that means that this correction should
take a flat formation. The min. target for a wave B in a flat is 70 retrace of wave A.
This could also be a triangle, but it more likley a flat due to the time it took to complete this 3 wave advance.
We may have made a top in the pair,
but if not, then we shall see an top very soon.
Double divergence; between wave A and C and wave 3 and 5 within wave C.
Wave 5 of C was an ending diagonal. Look below for more charts.