Following up on my early July analysis...
The region I marked as "Running flat rebound area" has proved to be a solid support region. Looking at the 2 possibilities I mentioned in my last post, if we have a running flat the correction could be over and we´d be looking at longs from here on.
BUT... my primary count is still a regular flat, since we haven´t even retraced 38,2% of the 2020 rally. In that case, I expect price to test the 1.20 region and then head back down to 1.15.
The region I marked as "Running flat rebound area" has proved to be a solid support region. Looking at the 2 possibilities I mentioned in my last post, if we have a running flat the correction could be over and we´d be looking at longs from here on.
BUT... my primary count is still a regular flat, since we haven´t even retraced 38,2% of the 2020 rally. In that case, I expect price to test the 1.20 region and then head back down to 1.15.
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