Having just broken the crucial Fib.-support at 1.2679 (int. 76.4 %) decisively we see a high likelihood given that the broader downtrend has been resumed which is now projecting an extension into a countertrend decline target on highest scale at 1.2266 (76.4 % of the 2015 rally). Only breaks above 1.2811 and 1.2849 (minor 38.2 %/pivot) would now revive the idea of having only performed an overshooting countertrend decline which would re-open the upside for a potentially missing c-wave up to 1.3265 and 1.3317 (int. 38.2 % on higher scales). Strategy: We sold at 1.2643, target 1.2280 and stop at 1.2855
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