Start of the downtrend

When we look at the weekly chart using trendlines to determine the direction, we can see that the trend looks to be up still. The EW analysis says that there is a possibility that the top is allready in and the trend has reversed. If the EW analysis is correct, 1.3968 should break soon. This will mean that price has put in a lower high ( 1.4695 ) and a lower low ( below 1.3968 ). After this, price could bounce of the trendline, but this should be broken eventually aswell. A possible alternative is that price is still in wave X and price will put in a new high in a wave (Z) of X.