Something is missing for waves {iv} and (4), to completed.
Stay long because it seems thatwave {v} is in development and DPO indicator is ready to break zero point.
It's likely wave 3 of (4) is in development and a harmonic pattern helps to the same direction.
A research that was found in my hands a few weeks ago, notice that the pair every 8 years make an up trend. This move is in development since the first month of the present year. The price hit the Giant Resistance and make a pullbuck.We will watch what will hapent with big interest. Nevertheless the target of .618 (1.1322) projection of highest hight, is still in...
It's very interesting to see if the pair will find support in .618 and will remain into the uptrend line
The DPO indicator will try to break zero point for second time and the price will try to break the downtrend line (aqua color). So we are still long but if someone want to setup long positions , it would be better to wait these two breaks.
There will be an other oportunity for short position.
It seems the correction is over and long positions has a good chance.
It seems that bears are in charge now and the possible zone for the wave 4 is in 5700 area. It is time to manage short positions. The divergence in DPO indicator is obvious.
It seems that wave {c} of B is in development.
According to our counting a cycle of five impulse has been completed and isn't sure that the break of the high has confirmed (113.441 is the high and 1.618 of wave (i) at the same time). So the key level is this price, 113.441, otherwise it is possible to have a pullback in the highlighted buy area.
It seems that the first leg (wave A) of wave (4), has been formed. We expect a zig zag correction , the alternate of wave (2) which is a flat correction.
A possible pull back and then long, after the breakout.
It's likely wave (4) has been formed and wave (5) has started. In the next days - weeks, the trend reversal will be established and we will have the opportunity to calculate the possible target zone.