Wave summary:
We are still locked in a small wave iv consolidation, which is expected to give way for a decline closer to 1.5604 to end the first impulsive wave in wave C lower to 1.4471.
The break below the triangle support-line near 1.6230 shifted the focus lower towards 1.4471 in wave C of a zig-zag correction in wave 2 that began from the 1.9023 high.
Trading recommendation:
Stay short for a decline closer to 1.5604. If you are not short yet, then sell here or near 1.6040 and place stop at 1.6105.
The material has been provided by InstaForex Company - www.instaforex.com