Main count shows that wave 1 blue circle is done and now it is correction time that might be in shape of (W)(X)(Y) Correction and the projected level would be 90.81 - 91.00 for the bottom of wave 2 blue circle. The alternate version of this scenario is slighty different: wave 2 blue circle is already done (instead of wave (W)) and now first wave to the upside is present ( alt:1) and corrective cycle waves ABC might have bottomed on 96.65 level as the low of wave alt:2.
Second interpretation is all about the top for wave (X), that looks like a either ABC OR Triangle itself. The last wave of the Triangle has not been finished yet and the potential level for this wave is around 100 mark. Then sell off in wave (Y) is expected.
Last one possible count points out that the top of wave 1 blue circle is really wave alt:3 high and this whole overlaping & time consuming structure is really wave 4 Triangle of the higher degree.
Judging by the lower time frame wave development and momentum analysys we can observe that on H4 chart AO oscilator is pointing out a multiple Bullish Divergence so some kind of relief rally OR even a new wave up should be anticipated.
Bullish wedge on H4 chart seems to support this view.
Good luck,
Seb
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