“There is little doubt that the advance from .9647 is corrective because a triangle separates the two legs. The only question is whether or not the rally from .9647 is a complete 3 wave rally or just the first wave of a larger more complex correction.”
The down-up-down-up sequence since the 1.0624 top is most likely a series of 1st and 2nd waves. However, confidence in this count is low as the pattern since 1.0540 (circled) is not indicative of a 3rd wave decline. As such, we rescind the bearish bias for the time being.
STRATEGY: EXIT