This is a clear cut leading diagonal pattern. Above is a clearer wave count of the whole structure. Leading diagonal moves in 5-3-5-3-5 structure, unlike an ending diagonal, which is 3-3-3-3-3.
Since wave C cannot be the shortest wave, we estimate the current high at 1.757 is the top of this whole structure. If prices move beyond this level, we would have to relook at the whole wave structure again.
Typically leading diagonals has the longest wave 1 of the entire 5 wave move, which is true in this case. Several fibonanci projection levels and retracement also gels with the above chart.
Leading diagonals typically deeply retraces wave 1, 61.8% to 78.2% of the entire move. We are looking for a 3 wave bearish corrective structure to take place. Zig Zacks are quite common.Thus our take profit take is set between those levels.
Trade Idea :
Short at 1.751
Stop Loss, 1.758
Take Profit : 1.67 (First target)