A clear EWT on daily with correction structure of 4H ABC to daily wave 4 before taking long on GA till wave 5, possible entry of 1.714 first if not 1.709 depending on close. Wave 5 expected to be ending at 1.81. A close below 1.709 would suggest the continuation of weekly wave 4 to wave 5 with possibility to go beyond historic low.
I am looking at a weekly long correction structure of A B C after wave 5, market suppose to make a C on weekly. Thus on smaller timeframe such as the 4H, market is making a smaller wave 1-5 with wave 2 already completed and looking to hit wave 3-5 as shown. Wave 3 to hit 85.6, then wave 4 around 84.4 which another position will be taken, and lastly, wave 5 on 87.5
AU forming M pattern all the way down to a respected TL making LHs. On weekly it looks like the next long which is the exploding leg of W will extend pass resistance TL thus why long is to 0.7875
