Greetings guys, a short update again: green circle wave i is in place as expected. The internal labeling has been adjusted to allow this wave completed a leading diagonal at the 1.1610 high.
A leading diagonal in the wave one position is typically followed by a deep retracement. The impulsive nature of the initial decline from 1.1610 suggests circle wave ii was unfolding as a "sharp" Zigzag correction, the steep decline is countable in three waves. As such, there is the possibility wave ii could have bottomed.
A five wave rally impulsively through 1.1610 is required to signal wave ii has bottomed at 1.1534 and wave iii is underway. In this case we can use 1.1568 as working support for higher.
On the other hand,
the advance from 1.1534 unfolded in three waves up to 1.1606. The entire corrective structure can transform into a flat if the Euro goes lower from the recent top. If 1.1577 breaks impulsvely, we can consider it to be a bearish setup to have more downside correcting to do in a C wave decline, I expect it to end around 1.1530.
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