Last week higher prices got rejected and price was back under the trendline. This is a bearish signal, which calls for lower prices. If i am correct and the latest high was the end of wave (X), the eventual target is 1.1875 and lower. This puts us at the start of corrective wave (Y). We can see from the wave (X) high there are 3 waves down, like always at the start of the 3th wave in a complex double three, this could also mean that we are still in wave (X), but this is an alternative for now. So these 3 waves down are the start of wave (Y), or A of (Y) in the making, and we could see a small rally or some range trading, before the downtrend resumes.
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