It is possible that we saw a smaller than expected wave ii correction. It only corrected 38.2% of wave i. A more normal correction would have corrected lower towards 1.0639 which marks the 61.8% corrective target of wave i. We could still see a deeper correction towards 1.0639, if the rally we saw to 1.0863 was an X wave, but only a break below support at 1.0720 will confirm that.
No matter if wave iii in its early stages or we need a deeper correction towards 1.0639 before the next powerful rally higher, it is just a question of time before we does move higher.
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