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The price once again failed to rise, casting doubt on the accuracy of the wave scenario under consideration. This necessitated a revision of the markup and exploration of alternative possibilities.
It may turn out that Wave 3 of the presumed upward impulse has already formed. In that case, the aimless drifting of the price constitutes the corrective Wave 4, which may continue to develop in the near term.
This would lead to further declines, requiring a shift away from buying and consideration of sell trades. Subsequently, it will be important to observe the reaction to the update of the local low, as buyers may suddenly spring into action and attempt to initiate the development of the next fifth impulsive wave.
Investment idea: SELL 1.0790, SL 1.0820, TP 1.0700.
Origin: FreshForex
