The break of 1.2360 means the downtrend has been reasserted and the 5-wave decline is not complete. The first Elliott option is that our wave-4 label was correct and now wave-(v) of 5 is still completing the final push lower to long-term trend support at 1.2260 (wedge support on this 4-hour chart is 1.2250). The alternate and more bearish option is that all the trading from early October was a bear triangle consolidation and a deep decline to 1.21/20 is just beginning.
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