The 1092.18 low made yesterday can not be wave three.
The low on Monday of 1105.38 has been crossed creating an overlap. The good thing is that helps to narrow the possibilities.
Of all the possible patterns I can think of the most likely seems to be that yesterdays low of 1092.18 is the end of wave 1 and we are in a wave 2 correction with a likely target of 78.6% at the 1108 area
Here's an update on the EUR/USD. As I mentioned yesterday the crossroads hear are at a critical point. If the Cyan fork is violated the downside potential is enormous. If the upward forks are followed there is a good chance of seeing 1.3740 again.
There is a weakness in the 60 minute Kumo which could let the Price through.
I'm having trouble making anything work here, but this looks possible.
The problem is the internal wave counts and an overlap. Darn that rule anyhow!
Wave 2 can never be an ET.
Analysis presented on this Blog has only informational, and educational purpose, and does not represent a proposal for buying or selling currency contracts.