The Elliott pattern in our last analysis has been modified as can be seen on this chart. The alternate count for the second wave is an ABC pattern as correction (abc letters in circles on the chart). It seems that this pattern is nearing the end. There is a squeezing triangle (better called a negative wedge), quite noticeable at hourly chart. This means weakness, usually in extreme sort. (Note the negative wedge ending in may on this chart, which was indicated as very bullish). We may expect a sharp fall in price at this point (considering our counts are correct of course). Also the large Resistance Cluster has not been perforated and for the last two days the prices are dancing around this level. Do not forget also that the prices are just touching the apex of a triangular pattern (shown in cyan color where significant resistance is marked on the chart). As opposed to the previous analysis, having a larger 2nd wave and considering the Fibonacci levels, the prices can go much lower than previously indicated (around 1.19 levels). Good Trades.
Comment:
Price is on track.After the ABC correction, the price is falling. Judging from the strength of the fall today, expect more sharp falls in the coming days, especially if this move is the third wave as described above and shown on the chart (refer to red 1-5 wave count)
Comment:
with a sharp thrust decline, the price may very well go down as highlighted before