This chart shows an ALT count in pink with a P2 peak. This sell off at the end of the day looks like it has teeth and the wave proportions look better with the ALT count. Also it could be expected that the fifth wave would be an Ending Diagonal.

But there still remains the possibility of a larger ED as I pointed out yesterday. The way this market always appears to have peaked has made me a very cautious Bear. It would not surprise me if we bounced off the lower Fibonacci Fan Line and went on to make new highs.

Good luck.

Analysis presented on this Blog has only informational, and educational purpose, and does not represent a proposal for buying or selling currency contracts.