We can see in the daily chart price, from wednesday sep 30th to tuesday oct 6th, has some uncertainty behavior... I couldn´t figure out how price could react on the following days. It took a few days but my target of 1.5758 was reached and even breaked through with a low of 1.5707 on monday oct 12th.
Then... what the hell?
Price skyrocketed to the roof... with a approximate 600 pips up in just three days. I didn´t expect that , but the only thing that I can do now is analyze what could happen in the future.
Price break through the wave 1 low (1.6112 on tuesday sep 1st) of the three wave correction. That´s why we can know be certain of that correction was only a three wave corrective pattern. Wave four never can overlap wave two so this uptrend is a new upward impulse action. We may be entering at a wave three of a major wave.
We can expect that price could go up further and beyond 1.7040 (wednesday aug 5th high) . But experience tell us that nothing is for sure in this damn life. With this 600pips in an unexpected rally, we will see a technical pullback. With that in mind, a long opportunity would be shining in the next few days. I want to take it.
With price around 1.6335 right now, more than likely, could retract to 1.6098, 1.6023 or even 1.5948.
Time will tell...
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