Price bounced from the 76,4 fib of CD leg, just missing the
Monthly Pivot Point. The completion of the two waves down
is in the 1,3655-80 area, depending on how one draw them.
The lower (blue) channel line marks the bottom of a channel
going back to July 2013. It is also a line in the sand, for bullish
bias (the more conservative approach points to a taking out
of 1,33 before bullish bias is removed). Technically, probabilities
points to a completion of ABCD pattern and a test of lower
channel border and Monthly PP, before a deeper bounce.
An impulse study of first move down from the top, also points
to this area (1,3650), which is also a previous bottom from
late february.
Monthly Pivot Point. The completion of the two waves down
is in the 1,3655-80 area, depending on how one draw them.
The lower (blue) channel line marks the bottom of a channel
going back to July 2013. It is also a line in the sand, for bullish
bias (the more conservative approach points to a taking out
of 1,33 before bullish bias is removed). Technically, probabilities
points to a completion of ABCD pattern and a test of lower
channel border and Monthly PP, before a deeper bounce.
An impulse study of first move down from the top, also points
to this area (1,3650), which is also a previous bottom from
late february.