I wrote the last few days that “5 waves down from 1.2510 are probably complete so a correction, back to at least 1.1768 (former 4th wave price extreme) is expected. As the correction plays out this week, I’ll look to identify the top.” A top could form near current levels as price is testing the former 4th wave extreme (an Elliott guideline). From a trading perspective, it is difficult to control risk at the current juncture though.
