If wave C of an expanded flat that began at 1.6018 is underway, then price will remain below 1.5944.
The rally from 1.5628 is wave ii of 3 of C and is either complete at 1.5768 or will push a bit higher towards measured resistance at 1.5792 (which is also former congestion). The ultimate objective is not until below 1.5283. Trading below 1.5611 would boost confidence in the bearish bias.
