The upward movement, which currently shows a three-wave structure, seems likely to retain this format. This indicates that the movement is not impulsive but rather a simple corrective zigzag pattern. This conclusion is supported by an unsuccessful growth attempt that formed a converging horizontal triangle as wave four.
Now, it appears that an impulsive decline is forthcoming. The large correction, initially appearing as a simple zigzag, seems to be evolving into a more complex structure. Clarity on this will emerge later.
For now, it is advisable to shift from a bullish to a bearish outlook and consider entering sell trades at current market levels.
Investment idea: SELL 1.1600, TP 1.1625, TP 1.1450.
Origin: FreshForex
