As long as the declines are in 5 waves and the advances are in 3 waves, there is no reason to fade the downtrend. Price should come under .9710 soon. The bearish line in the sand is 1.0197.
The rally from .9710 is probably a combination complex correction (W-X-Y). Wave Y would equal wave W at 1.0068, near the 78.6% of 1.0197-.9710 at 1.0093.
