What does it mean? We shall have a correction most likely upto 1.25-1.26 range and then the price may shoot up with vengeance. This would be the 3rd wave of the 5th major and a fantastic opportunity to long the pair. The wave count, S&R and trend lines
are as indicated on the daily chart
. Short sellers have a window of opportunity from 1.28 to 1.26. Count the corrective wave to 1.26 carefully and watch for an minuet ABC on the way down in order to make a proper exit. Then wait for a good opportunity to enter long and ride the 3rd wave passing 1.3 levels. Good trading.