An update to my previous post,
The wave structure has been altered slightly in the second leg, based on recent developments
(the new low seen today)
The view from here is, we should see a very minor bullish retrace in the leg from 1.1153 against circle wave b 1.1312
and then see one more low to complete the downside structure. The likely completion point for this retrace falls at circle wave a support turned resistance at 1.1210 which offers a short scalp setup against circle b wave 1.1312 highs
Still waiting for confirmation in the form of a breach of the channel to the upside, to buy the retracement on the bigger cycle
The wave structure has been altered slightly in the second leg, based on recent developments
(the new low seen today)
The view from here is, we should see a very minor bullish retrace in the leg from 1.1153 against circle wave b 1.1312
and then see one more low to complete the downside structure. The likely completion point for this retrace falls at circle wave a support turned resistance at 1.1210 which offers a short scalp setup against circle b wave 1.1312 highs
Still waiting for confirmation in the form of a breach of the channel to the upside, to buy the retracement on the bigger cycle
