It looks like the corrective subminute wave c of minuette wave (ii) might have ended at 1.09425. As part of minute wave 3 of minor wave 3 we can now expect prices to move lower short, medium and longer-term with short-term declines reaching minuette wave (iii) near 1.07836.
The current correction is likely to end as a zig-zag pattern a,b,c with subminute wave c potentially ending at the 100% FE at 1.09425 or slightly above. In case prices move above 1.10 we should still be looking at this turning lower. But a failed rejection would add uncertainty and potentially an invalidation of the current structure.
The current structure suggests that once this correction is done with, prices could continue lower to complete the fifth minuette wave at 1.07550, where minute wave three would also complete its run.
We could look for short-term sells and then a pullback to complete minuette wave (iv) near (i) low .
Invalid above 1.1018
Stavros Tousios
Head of Investment Research
Orbex
This analysis is provided as general market commentary and does not constitute investment advice.
The current correction is likely to end as a zig-zag pattern a,b,c with subminute wave c potentially ending at the 100% FE at 1.09425 or slightly above. In case prices move above 1.10 we should still be looking at this turning lower. But a failed rejection would add uncertainty and potentially an invalidation of the current structure.
The current structure suggests that once this correction is done with, prices could continue lower to complete the fifth minuette wave at 1.07550, where minute wave three would also complete its run.
We could look for short-term sells and then a pullback to complete minuette wave (iv) near (i) low .
Invalid above 1.1018
Stavros Tousios
Head of Investment Research
Orbex
This analysis is provided as general market commentary and does not constitute investment advice.