[B]12th June[/B]:
The Wave (b) came more directly than I had considered but stalled precisely at the 38.2% retracement at 1.2667. Thus we should now see Wave (c) of Wave (iii) develop that should drop below 1.20
[B]17th July[/B]:
The decline in Wave -a- extended to the 1.2162 low on Friday and we finally appear to be mapping out a Wave -b-. This may be limited initially to the Wave b of Wave v around 1.2324-33 but the way this is now developing I suggest we should probably allow for the 38.2% retracement at 1.2364 and the 50%-58.6% retracement area at 1.2427-1.2473. This will require attention in identifying bearish reversal patterns. Indeed, it may last a little longer depending on whether this develops directly or in a complex correction. Somehow I am moving towards a double zigzag/triple three.
For more information regarding the projection ratios please see the attached PDF file.
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