IF a flat is unfolding instead of a triangle in wave IV, then the rally to 1.6039 wave B of the flat. As mentioned, wave C would be underway now. A big reason for flipping to a bearish bias rather than staying bullish is the extent of the drop from 1.6039.
The decline from 1.5944 far exceeds the length of 1.6039-1.5783, making it likely that bears have taken control. Taking out 1.5611 would bring an end to the series of higher lows and bolster the bearish case. Near term, the push through 1.5750 should complete a small c wave. Expect resistance near 1.58 (Fibo and congestion).
