We could argue that wave-v of (v) down has been satisfied as the proper divergences are in place. BUT, there is no reversal via base or candle pattern and more significantly, there is no discernable 5-wave rally off the low. The move higher from 1.2571 looks like yet another 3-wave correction. S/t, the a-b-c rally suggests that another new low is ahead. Resistance near-term is the overnight high at 1.2674; a move below 1.2614 is supportive of a new low. Conviction: Med Levels: Support – 1.2614, 1.2584, 1.2571 Resistance – 1.2674, 1.2715, 1.2755
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