Looking at the move from the 2015 lows, we can make the case that an impulse wave (5 wave advance) is in development. The short term gyrations over the last 6 or so months could be counted a couple of ways.

Idea 1

Firstly a triangle could be suggested for wave [4] wave and the upside is part of an ending diagonal for wave [5].

Idea 2

Or wave [4] ended at the Oct 2018 lows and the recent price action has developed as an ending diagonal for wave [5]. Either idea suggests caution for the bulls. To argue for a reversal and move lower, It would need a big move back below 85.00 to support more weakness.

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