The previously updated wave scenario remains valid, though the price has been slow to decline. At the moment, it appears that a corrective phase is developing — one that is expected to resolve to the downside. This outlook is based on the potential extension of the third wave within a larger bearish impulse.
This correction is therefore viewed as wave 2 within the unfolding wave 3. If this interpretation holds true, we could be looking at the beginning of a protracted downward movement.
Given this possibility, short positions continue to offer strong profit potential. A short trade may be initiated on a break below the current local low.
Investment Idea: SELL 1.1475, Stop Loss: 1.1500, Take Profit: 1.1250
Origin: FreshForex
