Based on recent price movement we could say that blue wave 2 of a higher degree could be finished and that a new bullish cycle has started to unfold into blue wave 3. Currently we see price trading in the middle of red wave 1), specifically in a possible correction in blue wave iv after recently completing blue wave iii with five minor sub-waves. As such traders now want to be aware of a minor corrective reversal lower taking place in sessions to come.
Temporary invalidation level is at 1324.
Interested in our services ? Visit our webpage now at www.ew-forecast.com and check more of our Analysis. You can even subscribe to our Twitter account -> @ewforecast