Price action since 1.35 is a 4th wave that will end as either a triangle or flat. I wrote last week that “since it looks as though the EURUSD long term decline has resumed, a triangle (see arrows) is more likely. IF a triangle is underway, then wave D is working lower towards 1.40 now.” Today’s strong rally brings the flat scenario back into the picture. This is why it is difficult to trade within a correction…there are too many possibilities (it is unlikely that I’ll advocate trades in the GBPUSD for a number of weeks since the pair is in a large degree correction).
