Post copied from daily short term updates.


A bit more upside would be ideal to end wave [e] and complete a 3 wave looking bounce from 0.8480, a move to 0.8600 would be enough. Although a test of 0.8650 would be better. The alt idea is that its wave [ii] of wave C, but we still want a 3 wave bounce from 0.8480 to remain below 0.8732.

So if we see a 3 wave bounce from 0.8480 stay below 0.8732, then it would still favor both ideas, a strong decline back under 0.8480-0.8400 should support more downside for wave C or wave [iii] of C (alt idea in blue). Unless a move back above 0.8787, then a large triangle for wave B is favored.