1-Major trend channel was broken since Aug 12th. Now, there seems to be a bounce back to the channel however it did not succeed so far. The price has bounced back sharply at 2 major trend channel upper line cross point (red and blue colored channels on the chart). 2-The advance from Aug 12 up to today was rather chaotic and there is no wave count (see polygon on chart). This can be called only erratic which is typical for correctional moves.
Notes: The previous H&S formation is Invalidated. Also the possible ABC formation in our previous analysis is invalidated now.
Summary: Watch whether price can pierce thru the highly potent trend channel cross point at around 1.33. All in the hands of oil. If oil drops further this would be a possibility.