Not very likely... but possible
Updated
If USD doesn't find any real motivation before Jackson Hole and EUR refuses to give in... (4) may play out as a more shallow flat with EUR rallying into Jackson in (5) to fall into the Hole...
Note
Maybe starts to look not only possible but even likely... AO showing clear bullish divergence on 4H and with 10y Treasury yield falling below 2.20% USD seems to be on a path of loosing motivation... still too early to call though, we need to get above 1.1789 to start with, then break out of bull flag. Possible...Note
NOTICEÖ This is not a trade recommendation, just a quick draft of ongoing PA, and sorry for the somewhat cluttered chart, so...I can see a triangle tracing out right now, in what I have as wave (iv) of circled c, in a B wave of larger wave (4) correction, and IF it pans out it project a price move up to the 1.19 area, possibly creating a double top. Also implying that the wave (4) correction may be an extended flat and not as deep as many expects.
Please notice that the triangle is "in progress" and may as well change to something else and even if it doesn't my current labeling may not be correct.
Apply your own rules and act (or don't) accordingly,
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