Since the pattern is FLAT, the third leg has 5 sub divided waves. This normally requires 161.8% of fibs expansion to end. (or 1.681AB=CD)
SO there're some pips to short, then long after in bounce back from 1271.6 (price might be a slighthly difference among different providers)
It is in the wave 4. There will be some sideways movement for a few days (or even a whole week) until finish wave 4. after that, it will goes downside to perform wave 5 movement. Target at 1.06500 in two or three week.
by wave counting, the current stage should be a correction wave set, which is performing a diagonal shape. However, this correction is a subdivide of wave 4 in a bigger wave, therefore, it should be performing wave 5 soon
It's been in range movement for a while.
It's sure that current status must be a corrective wave set because it's a following wave set after the impulse was finished, but since it is in a sideway movement, it's not easy to count, but when I found that (A) has been subdivided in to diagonal 5 waves, then everything ...
Need a little bit down to reach the exact equal leg. However, CD leg can be going so far, - up to 261.8%
Normally it should fall in the red area (100 - 123.6%) So, the plan is:
Wait until it touch the read area and show the clear bullish reversal price action