Support at 0.9205 protected the downside yesterday, which has prolong the correction in blue wave iv. This blue wave iv can't break into the price-area of blue wave i, which means that it maximum can rally to 0.9324 before turning lower. Short term I will be looking for a break below 0.9268 and more importantly a break below 0.9248 as indications that blue wave iv is over and renewed downside pressure is becoming dominant again.
If resistance at 0.9324 is broken, it will force me to recount the decline from 0.9409, but it will not change much in regard to the larger picture and will only act as a delay before the next decline should be seen.
The support at 0.9205 has now been tested three time and on the next test we should see a powerful decline upon a break. Remember the rule of 4, which says that when support it tested for the fourth time, if it breaks a significant and powerful move should be expected.
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