I always have an alternate scenario, but considering the larger decline,
the bearish triangle scenario simply does not fit into the sequence we see unfolding off 1.1815. Does not necessarily mean it can't be, just my "wavy eyes" make me think it can't be bearish.
Regarding the alternate, at a minimum,
I'd look for a wave D. Once we have it completed,
a drop below wave C at 1.1306 would be needed to suggest the bullish view failed and we have a bearish one instead -
that's my alternate scenario.
Sticking to the primary, let's take a closer look at what may unfold and why (along with a nice example of the KCT technique):
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