Price broke out of the consolidation first.
Now after first impulse up in the second leg there is a correction shaped a Falling Wedge pattern.
The pair breached higher and it could reach the 1.3340 area where second leg is equal to the first leg up.
The current upside move looks too large compared to the preceding downside move, which has been retraced lately.
In this case, one of the possible ways the waves would emerge is the triangular consolidation abcde white in wave (b) yellow.
The other option is that we already have bottomed in wave (b) at the point where I set the end of wave c of ...
The price of oil is finishing the corrective structure (a-b-c)
with wave c completing a possible ending diagonal.
It could reach out to 50 area.
The wave c is already longer than wave a, therefore we will see another drop afterwards.
The minimum target for the anticipated drop is located at the earlier low at 42.34.
There will be no miracle. Less revenues from falling oil market will drag the index lower
as it should be around 800 already and could hit 530 when the oil would retest a multi-year low.
The correlation index for the past 12 months shows negative correlation but it is a temporary situation
as on the longer periods (20+ months) it is positive.
This will change ...
The pair had finished the entire WXY corrective structure as price broke down below the trendline support.
Then we had a pullback to retest the broken support.
Now the Bear Flag continuation pattern has been shaped.
The price should at least retest the former trough of $1.1215.
This pair couldn't advance significantly amid poor NFP data.
The sideways moves 3-3-3-3-3 shaped the famous Triangle pattern.
Last wave up completed this pattern last Friday.
Now the pair could resume down move to hit the trend line ($1.10) that was built through recent troughs.
Blue labels indicate that the correction is over within WXYXZ triple three corrective structure and we can retest the former top above TRY 7.
White labels imply longer consolidation within WXY double three pattern with retesting of former low before the final devaluation.
Both maps show that lira could weaken to 6+ level first.
The index has been trapped within a large sideways consolidation where the second leg exceeded the former top
and could potentially drop below the former trough as well.
After that I expect the index to resume its way to the upside ti hit 3000+ area.
I think that current pullback is still in progress.
The wave C is pending and here I would like to focus your attention on the yellow trendline,
which acted as a support and now turned to be a resistance.
The wave A of a pullback reversed right at the trendline.
So the wave C could also retest this trendline and hit between 61.8 and 78.6 Fibonacci ...
Gold was falling for a long time without a good pullback.
Now we are in that very corrective move as metal rebounded strongly from the 1180 area.
C=A around the area of the earlier low (1237), this is how amazingly the simple geometry works.