Stag
Sergeant
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...The chart suggests how this sequence and its final wave may be subdividing down, pointed toward lower levels with a potential final target in the 1.0900 - 1.0850 region.
While there is no evidence a bottom has been established the divergence between price and momentum signals the decline may be in its final stage. In this case price has no business being above 1.1109 until this wave completes. A decline below yesterday's 1.0990 low will imply that wave 5 remains in action...
Greetings guys, my forecast from last week proved to be correct and now we have a new low at 1.0922.
It is possible the ending diagonal just ended, but in lack of evidence a larger ending diagonal is still possible. In this case after a pullback prices can go as deep as 1.07 depending on the pattern we use for the calculation, but preferably not lower then 1.085.
When complete, prices need to take a swift reversal. Currently a rise above 1.1067 would be the initial sign of a final low is in place, but prices need to break above our structural key level at 1.1109 to confirm.
Good luck.