What we see is an overbought bounce into the ema34 wave while trending down, something which is not necessarily bullish, instead its bearish.
Did we make a long term bottom here at the 0.618XA?
For higher we have to break the former key low(orange circle) which is confluent with the 0.5XA(key level) If that would happen we might have made a longer term bottom, and less change of completing the blue leg down.
For lower we have to break the low @ 0.78000 area
If that would happen there is a change of a bullish AB=CD Gartley @ 0.72000-0.73500 area
or a bullish bat pattern@ 0.69000-0.70000 area (both areas shaded in green)
Did we make a long term bottom here at the 0.618XA?
For higher we have to break the former key low(orange circle) which is confluent with the 0.5XA(key level) If that would happen we might have made a longer term bottom, and less change of completing the blue leg down.
For lower we have to break the low @ 0.78000 area
If that would happen there is a change of a bullish AB=CD Gartley @ 0.72000-0.73500 area
or a bullish bat pattern@ 0.69000-0.70000 area (both areas shaded in green)