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5 waves down of current move to complete at wedge bottom.
Slightly odd waves and fibs but it seems to be describing the action.
From there a pop up but I think still a bear market needing a lower low.
5 waves up completed and needing a deeper ABC correction.
Don't be fooled by the bullish pop on Friday, I was for a while but it looks like a technical pop up from compression of the channel. I believe the wedge structure here will still end up being inverted and take price down to fulfil wave 5 1.272. The current wedge is highly characteristic of wave 4 corrections.
Targeting 450 or may make it to full fib extension.
Will the pair now break support and make a 5th wave lower or is the downward move a complex ABC after 5 waves up that is completed and ranging waiting to move higher again?
There is also a possible bear crown formation marked here as a H&S pattern which would push price down.
It does look like the pair is now in a downward channel.
Otherwise, we are approaching ...
I look for ABC correction.
Oversold falling wedge bounce at day 1.272 and weekly .236 or drop to day 1.618 at 0?!