The objective that we identified yesterday; the 261.8% extension of 1.1033-1.0832/1.0927 at 1.0410 is just below current price. We are looking for this level to provide support and possibly mark the end of wave 3 within the 5 wave bear cycle from 1.1105.
A wave 4 correction is then expected, which could reach the 1.0530 area (former 4th wave) before a drop in wave 5 registers at least a multi-month low. This process should take at least a few weeks.
