The price continued to rise, breaking through the critical level that previously cancelled the considered wave scenario. However, it’s still too early to talk about an upward trend, as the terminal diagonal triangle has not yet been completed.
Most likely, we are currently observing the complication of the corrective structure. The correction is taking the form of a double zigzag. The first wave (W) has already been formed, and the current growth is probably due to the development of wave X.
If this is indeed the case, we can expect another upward wave in the near future as part of the formation of wave C of X. After that, the next part of the correction will begin — a decline in the second zigzag (Y).
Now, after a slight pullback, it’s possible to consider entering buy positions.
Investment idea: BUY 1.1680, SL 1.1650, TP 1.1760.
Origin: FreshForex
