Technical indicators look good for a reversal once Wave B completes. Price Action is entering oversold territory around a .382 retracement of Wave A.
IF wave B hits at least a .382 retracement AND RSI indicates oversold AND a reversal pattern/candle reveals itself,
THEN look for impulse C leg to retrace 1.0 the length of Wave A, taking profit 1 at .681...
I'm eyeing wave 4 to end around 1.16570 and run 1.0 of wave 1 = 1.20650; but may also be 2.0 of wave 1 = 1.24801. A length of 2.0 also has confluence of intersecting with channel boundaries in symmetrical days (30) as Wave 1.
IF Price Action = 1.16570 AND there is a major reversal pattern or candle on 1-day or 4-hour chart AND there is some major...
I'm following a possible bearish butterfly formation which would cause a false breakout on the current bull pennant. This will ultimatlye test record resistance levels and turn our bull pennant into a bull flag.