The situation continues to unfold according to the previously outlined plan. During the last trading session, the price declined and is now near a local low — a level from which it has previously bounced twice.
This time, sellers will attempt to break through. The price may trade within a narrow range along this level for some time, followed by a sharp surge in selling activity, pushing the price lower and seeking to establish a new footing below.
This would mark the formation of wave C of Y within the developing double zigzag.
Investment idea: SELL 1.1550, SL 1.1575, TP 1.1480.
Origin: FreshForex
