BIAS: Having re-assessed the bearish structure it looks like we'll see a high soon and thus watch for losses to resume
MAIN ANALYSIS: Although price broke above 1.5350-56 the 1.5372 projection was met - less 1 point... From where we have seen a drop to 1.5261 that I felt was in 5-waves. Thus, as long as 1.5371 caps we will have a double top that should see losses back below 1.5261 and down to the 1.5140-50 area (at least) being the double top target... Below is the 1.5136 and 1.5106 low.
COUNTER ANALYSIS: A break back above 1.5371 would concern… As an outlier - there is resistance at 1.5395-00.
MEDIUM TERM ANALYSIS:
18th September: While the correction has been deeper than I would have liked, it doesn't change the bearish impulsive targets. Yesterday's 1.5627 high merely implies a slightly stronger projection ratio to reach the downside impulsive target range at 1.4627 - 1.4759 (probably closer to the higher)
9th October: The larger structure, having been adjusted, should now see losses and as long as we see the double top satisfied. However, we shall need a break below 1.5106 to confirm...