The rally from 1.347 can be counted as 5 waves or 7-swings.
Either way, the market is showing divergence and should turn lower.
If the move down is of corrective nature then we should look for longs against the low,
because that would confirm that wave X is done.
But if it's impulsive then we would probably see new lows towards 1.32/31
to complete major wave X before turning higher towards 1.40/42.
The main thing to take from this count is that it's bullish,
Even though I'm short from yesterday, I will look to establish longs
when the market has confirmed a bullish wave structure.
Look below for more charts and updates.
Good luck!
Either way, the market is showing divergence and should turn lower.
If the move down is of corrective nature then we should look for longs against the low,
because that would confirm that wave X is done.
But if it's impulsive then we would probably see new lows towards 1.32/31
to complete major wave X before turning higher towards 1.40/42.
The main thing to take from this count is that it's bullish,
Even though I'm short from yesterday, I will look to establish longs
when the market has confirmed a bullish wave structure.
Look below for more charts and updates.
Good luck!