The counter is in a long-term bear cycle.
The flash crash in January marked the end of the wave 3 of the cycle.
After a brief ABC correction (wave 4), the counter has commenced its wave 5 move.
The bearish move, so far, happened in the past few days is a tip of the iceberg and an avalanche is set to follow.
Currently the pair searching for a resistance to end the wave (ii) of the long-term wave 5.
We have marked the potential reversal zone, based on price action, for the wave (ii) to end and wave (iii) to build up.
So, fasten your seat belts and set yourself for a downhill move of wave 5.
The flash crash in January marked the end of the wave 3 of the cycle.
After a brief ABC correction (wave 4), the counter has commenced its wave 5 move.
The bearish move, so far, happened in the past few days is a tip of the iceberg and an avalanche is set to follow.
Currently the pair searching for a resistance to end the wave (ii) of the long-term wave 5.
We have marked the potential reversal zone, based on price action, for the wave (ii) to end and wave (iii) to build up.
So, fasten your seat belts and set yourself for a downhill move of wave 5.