Having seen the drop through 0.9727 I am now forming up on the more bearish outlook that looks as if we are in Wave [a] of Wave [iii] lower. At this point I'll estimate the Wave [iii] target at the 223.6%-261.8% projection between 0.8822 -0.8971 but we'll need to first see where Wave [a] falls and then Wave [b]...
Losses have been extremely persistent and I don't think we've seen Wave -v- yet. More likely, at 0.9580, we saw a 461.8% projection in Wave -iii- and this implies a 50%-55% retracement in Wave -iv- between 0.9967-1.0006.
Once seen the risk is lower in Wave -v that should stall just below - or just above - the daily Wave (i) low at 0.9387... That should proovoke a pullback in Wave (b) before any further losses can be seen.
Fore more information regarding the projection and retracement ratios please see the attached PDF file.
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