Recent price action is not very suggestive of a third wave decline in so many degrees... Unless price falls off a cliff by the end of Friday NY session, I will have to reassess and consider the possibility of a leading diagonal formation...
In that case we should still see the 5 wave decline down to 1.3370 - 1,3300 where the ext projection of the 4th wave lies around... then price should recover in a second wave fashion degree before a much bigger decline starts...
Of course there is also the case of an ABC correction and price heading higher than 1,3860 but this senario is not in my list of favourites yet...
So for now i am anticipating a decline down to 1,33.. something area and I'll be watching price action before i make any new steps...
ps. this formation in harmonics could also be labeled 3 drives pattern etc
In that case we should still see the 5 wave decline down to 1.3370 - 1,3300 where the ext projection of the 4th wave lies around... then price should recover in a second wave fashion degree before a much bigger decline starts...
Of course there is also the case of an ABC correction and price heading higher than 1,3860 but this senario is not in my list of favourites yet...
So for now i am anticipating a decline down to 1,33.. something area and I'll be watching price action before i make any new steps...
ps. this formation in harmonics could also be labeled 3 drives pattern etc
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