Main scenario: consider long positions from corrections above the level of 1848.26 with a target of 1973.73 – 2077.22. Alternative scenario: breakout and consolidation below the level of 1848.26 will allow the pair to continue declining to the levels of 1750.33 – 1666.82. Analysis: The ascending third wave of larger degree (3) presumably continues developing on the daily time frame, with wave 5 of (3) forming inside. The third wave of smaller degree iii of 5 appears to have formed on the H4 time frame, and presumably, a local correction finished developing in the form of wave iv of 5. The fifth wave v of 5 started to ... (full story)