The downside call from last week (no net movement yet) still makes sense from and Elliott and sentiment standpoint; also a textbook geometric pattern has so far halted the rally at the expected 1.0567 level. The first chart outlines the Elliott count and a possible double top at 1.0470; a decline through 1.0470/1.0445 will confirm that wave-(3) down to 1.0250 is underway. The second chart outlines a bearish geometric pattern with matching .886 retracements. Because all degrees of trend are still positive and in order to negate a possible bull flag it is important now to wait for further confirmation of weakness through 1.0470//0445.
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