it is either we are currently in the wave 4 of a leading diagonal or we are in the Y leg of triple zigzag correction ( WXY).
Let us wait and see how price will react in the few days ahead beforee making our final decision
If we consider the 5-0 pattern we will conclusively wait for a bearish candlestick confirmation at the 50-61,8 of the c-d leg to open our sell position. Like wise, from the Elliot wave point of view, we are expecting either wave B of the zig zig correction or a resumption of wave 3 impulse if the correction is complete.
a complete 5 wave count of the C leg correction has been vividly counted. And also a divergence spotted. We advice to hold our sell position so far the invalidation level is not broken, ( the high of wave 1 ).
the pair has completely corrected the impulse wabe with a zig zag pattern labbeled A B C in the chart above,
we are expect this correction to be the wave 2 or wave b. then we are expecting a resumpption of the sell , with a five impulse wave serving as the wave 3 or wave c.
Short term Elliott Wave view shows that the decline from (1.3669) is unfolding as a 5 waves impulse Elliott Wave structure.
This suggests that the wave 5 is near complete and we can soon see a correction to the upside. This should ideally be 50 to 61.8% fibonaci retracement of the decline from 1.3669.
Based on the Elliot wave analysis that played out last week as we forecast, we reaped more than 200 pairs buying the pair last week,
we have now experienced a correction downward yesterday.
the next thong we expect is a push up from the current price , hopefully, this is the beginning of Wave 3.
According to the Elliot wave structure developed on the pattern a complete, 5 wave impulse was counted, and a motive wave of the expected reversal has been formed, we expect an upward movement to follow for the main time being.
A breakout of the corrective wave triangle, the next we expect is that the pair should retest the broken trend line then continue the up ward movement which is wave 3 of the new motive movement.
SELL @ 1.52330
SL @ 1.53000
At the end of the 5th motive wave we , could see an head and shoulder pattern which is signaling a reversal of the current valid trend. The confirmation of a sell is seen adequately from the forceful breakout of price through the head and shoulder neckline...
WE picking a sell from the breakout region @ 0.96900 with a stop loss @ 0,97400 WITH THE TARGET OF 0.95300