Cable's drastic bullish move which started on 21st March ended with more than 500pips at 1.6995.
The price has since taken a correction to the downside with beautiful swings at good levels.
The present bearish move could still continue till 77.8% retracement of the bullish move at 1.6560-1.6600 before fresh bullish move could continue.
If price penetrates below 1.6468, the bears might be preparing to take over.
Presently, price has formed an ABC zigzag Gartley pattern (50-61.8% fib-level) at a strong resistance formed by 2-diagonal trendlines.
Any move from this level to the downside will suggest that Wave-3 is not yet completed ( at least its minimum projection).
Going by this thought, it's not bad to speculate that wave 3 could occur at 1.6560-1.6600 which is a magnetic zone for price due to different projections that converge there.
A new buying interest should be expected there after we might have exhausted profits at different levels along the way.
A break above 1.6850 will make this scenerio invalid and might force price to resume the bullish run.
Perhaps the analytic chart below can explain better to you
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