The five-wave sub-minuette impulsive pattern is coming to an end, paving the way for the larger minute degree, 5-wave sequence to start its 4th corrective wave structure. When subdividing wave 3. into five smaller degree waves, we see that its concluding 5th-wave can be seen unfolding into a contracting/ending diagonal pattern, composed of five internal waves, subdividing into 3-wave sequences. Fibonacci price measurements converge, projecting terminal price targets, which indicates that price action diffuses, loses its momentum and energy, so at that point we create a "reversal signature", where a price rejection could be enough to validate the diagonal's completion. Downside targets are already measured, however, an update of them will follow after the reversal signature has been confirmed.
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Don't miss the flag
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Price reached determined target and reversed. A "throw over" took place. Is it the start of the drop ?
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The reversal signature awaiting at 1.79900(+/-) has been validated. Now price broke out, and call for a drop.
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Correcting. Sell setup
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A closer look. Expecting more retracement rise before the downtrend continuation.
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Correction is coming to an end, watch for downtrend continuation.
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Still looking for the downside, maybe extended C. Invalidation level still intact
Thank you,