If we examine the screenshot of the monthly time frame we can conclude that the pair has not finished the first (A) wave of its correction.
I think the move to the downside will possibly continue until the pair reaches 104.00 (which is 38.2% Fibo of the move to the upside) or even 101.50 (which is 50% Fibo).
Despite all this the scenario that there will be a move to the upside for wave B remains valid.
The corrective trend on itself, as it is usual after an impulse according to the the Elliot Wave theory, consists of three waves and it could continue for two more years, while the overall move to the downside could continue until the pair reaches 95.00 (61.8% Fibo) or even lower.
Good insight.
ReplyDeleteI fully agree with your analysis.
ReplyDeleteGreat analysis as always.
ReplyDeleteVery useful information! Thanks.
ReplyDeleteVery helpful and insightful analysis, excellent.
ReplyDeleteGood analysis!
ReplyDeleteInteresting article.
ReplyDelete