This pair is weak and has printed 5 down for a first major impulse. However it appears to be in a triangle, so if we see a new low, be wary of a reversal for a sharp wave up to complete an expanded flat.
The dollar index appears to need a move down before its next major impulse up.
I think the minimum correction has been met -- (C) has finished or we are in or towards the tail end of it. Frankly I am looking for price to continue rising, as the down move is only in 3 waves so far (see chart below). There are several variations from here -- it's done, or one more up, or we just completed wave ...
The move from the low has been a simple ABC correction, with a tri for B. Nothing bullish about it yet. However the downtrend line going back to early August has been broken, so there may be a more complex correction up.
I recounted this. We haven't yet seen an impulse up from the lovely purple ED, so price may squiggle down for another low. It would have to explode higher then for this count to be valid. The weekly chart still looks like a low is near. The alternative is a gloom boom and doom scenario.
Looks like we're in the third leg (C) of a correction. This also may be wave 4 of 1, with a reversal on the next low. It's not clear how this pattern will emerge or finalise (already spiked above the high of (A)), but this pair remains a sell on weakness.