The situation did not develop as planned. The price failed to start rising, during which the development of wave C of X was expected. Instead, a decline began, leading to a retest of the local low, indicating that the previously considered wave scenario was incorrect.
It’s possible that the double zigzag is developing slightly differently than предполагаed. Wave C of X failed to update the local high during its formation, limiting itself to only a weak attempt. In this case, the current decline is part of wave Y.
In the near future, the price may continue to decline and then transition into an equilibrium state for some time before resuming the downward movement.
Thus, in the current situation, opening sell trades appears to be the most promising trading decision.
Investment idea: SELL 1.1625, SL 1.1660, TP 1.1550.
Origin: FreshForex
