We did see a slight move above the top of red wave i at 0.8310, which made a new high at 0.8315, but the following decline has been very deep retracing 100% of the rally. A 100% retracement in wave two is allowed, so for now I will keep my bullish count looking for the powerful wave iii higher soon. However a break below 0.8256 will indicate that an expanded flat red wave ii is unfolding calling for a move closer to 0.8251 before we can expect the next impulsive rally higher towards 0.8365 and ideally above 0.8400 in wave i of 3.
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