With the break below 1.6676 it was confirmed that wave iv/ completed early and a new low below 1.6539 closer to 1.6478 should be expected in the short term. This is exactly what we have seen. A new low below 1.6539, but not yet a test of 1.6478, but we expect to see a final dip closer to this target soon to complete wave v/ and iii. This should set the stage for a corrective rally in wave iv towards 1.6767 before the final dip towards 1.6235 as the ideal target for the decline from 1.7929
R3: 1.6676
R2: 1.6628
R1: 1.6603
Pivot: 1.6587
S1: 1.6555
S2: 1.6514
S3: 1.6478
Trading recommendation:
Our stop at 1.6555 was hit. We will stay on the sideline for now.
