Wave b became smaller than expected and completed already at 1.6495. With wave c of iv already well underway towards the ideal target for wave iv at 1.6741 from where the next swing lower is expected.
The small b-wave could indicate that an ending diagonal will be unfolding as wave c to use up time. We will be looking for support near 1.6568 for the next spike higher towards 1.6741 to complete wave c and ii.
R3: 1.6741
R2: 1.6708
R1: 1.6666
Pivot: 1.6609
S1: 1.6568
S2: 1.6547
S3: 1.6500
Trading recommendation:
Our stop at 1.6510 was hit for a 110 pips profit. We will stay sidelined for now and wait for a selling opportunity near 1.6741.
