After the 5-Wave decline that broke out of the long term ending diagonal, we saw a shallow retracement which was resisted by the 4th wave of the 5-Wave drive at 1.4750.
Price dipped in a lower degree 5-wave impulse and has been congesting since 9th February.
If price does not dip below 1.3890, we might see a further intra day rally to 1.4310-1.4320 before the bearish trend resumes.
We have two projected scenarios in place; any of which,if satisfied, will make us look for a selling opportunity signal.
Scenario 1
Scenario 2
Watch the video below.
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