Five waves to the downside with expanded wave (iii) seems to be done and market is up to correction.
First wave of corrective wave (2) looks complex and it is a first clue that the rest part of wave (2) might get complex in time and price as well.
Recent wave { a OR i } to the downside is in five waves and this might indicate even that the correction is over and market will be heading sharply lower in impulsive fashion. Nevertheless, please be aware that this might be just a ZigZag wave b as a part of Irregular Flat correction wave (2).
Support/Resistance:
1.2984 - Swing Low
1.3089 - 23%Fbo
1.3152 - 38%Fibo/First possible Distributio Area/Previous wave Four Area
Trading Recommentadion:
If next wave to the downside will be in five waves and if it will NOT break 1.2950 level than one can try to go long to try to catch wave (c) to the upside. TP is the 1.3152 as a possible distribution area.
Seb
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