Current short term view suggests wave W ended at 1.5815, and the pair has started wave X pullback to correct the cycle from wave (X) at 1.5086. Wave X pullback is taking the form of a double corrective structure ((w))-((x))-((y)), and wave ((w)) of X is currently in progress towards 1.569 - 1.5707, then it should bounce in wave ((x)) before the decline resumes to complete wave X.
Wave X may reach as low as 1.5365 - 1.5451 (50 - 61.8 back of rally from 1.5086), although it can end before that in 3, 7, or 11 swing. Target area for wave X can be better measured as wave ((w)) and wave ((x)) complete later.. We don't like selling the proposed wave X pullback. As far as 1.5086 level holds in the pullback, we expect buyers to appear after wave X pullback is complete in 3, 7, or 11 swing for continuation higher.