Since the top at 1.60, the EURUSD has declined in 5 waves, advanced in 3 waves...twice. The second 5-3 sequence is of one smaller degree than the intial drop from 1.60 and subsequent rally to 1.47. In fact, the second 5-3 makes waves 1 and 2 of the next bear leg in the sequence from 1.60. Waves of lesser degree compose larger degree waves. This is a picture of a self-similar fractal.
