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.
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...