Downward 5 wave sequence.
Price extended past 38.2% for 3rd wave, but did not touch 23.6%. (Fake out).
Price came back over 38.2%, showing support.
Target 1.38408, with possible extension past that level to 1.40831.
Enter short to complete wave 5 at 1.17419.
On lower timeframes, looking to complete wave 3 at 1.28289.
Short to 1.24756, then long to 1.30174.
Short at 1.30174 will target large 38.2% again, which if price is held, will begin an AB=CD pattern back to the top.
Price extended past 38.2% for 3rd wave, but did not touch 23.6%. (Fake out).
Price came back over 38.2%, showing support.
Target 1.38408, with possible extension past that level to 1.40831.
Enter short to complete wave 5 at 1.17419.
On lower timeframes, looking to complete wave 3 at 1.28289.
Short to 1.24756, then long to 1.30174.
Short at 1.30174 will target large 38.2% again, which if price is held, will begin an AB=CD pattern back to the top.