We are still in a major correction from the uptrend leading to 1.47.
Currently (daily chart), we are on Wave C of a Running Flat correction (3-3-5 formation)
Wave C looks to be an expanding diagonal, which means that:
- Wave 4 can enter the territory of Wave 1.
- Wave 5 can go beyond Wave 3.
Wave 5 may reach the region of 1.27 which runs along a support trendline and is historically a strong support and resistance from 2017 to early 2018.
Currently (daily chart), we are on Wave C of a Running Flat correction (3-3-5 formation)
Wave C looks to be an expanding diagonal, which means that:
- Wave 4 can enter the territory of Wave 1.
- Wave 5 can go beyond Wave 3.
Wave 5 may reach the region of 1.27 which runs along a support trendline and is historically a strong support and resistance from 2017 to early 2018.