Bears in control

Price reversed just before the ideal target zone and seems to be in a strong downtrend now. The smaller timeframe count is not very clear except for the first part, which is impulsive ( 1.4441 - 1.4385 ) meaning that the rest of the decline is impuslive aswell. While it's true that this impuslive wave could be part of a zigzag ( 5-3-5 ) aswell, price action after this initial decline looks a lot more like continuation of a bigger impulsive wave, even if the rest of the decline isn't very clear. Once the support line is broken and short after that the wave (W) low, price should test 1.3750.