Earlier mentioned decline levels will be continued, in line with the analysis of July 6. Expect a decline to 1.19 and place your stoploss on 1.3075.

Elliott Wave Forecast

The fourth wave of an impulse of minute degree is placed. The markets will go down to approx. 1.19 to set the fifth and final wave of this impulse. We go short to profit from this leg down.

This scenario is still in line with the analysis of July 6th. Back then, a rise was forecasted with 1.27 as target with the condition that the zigzag should not extend to a double or triple zigzag. The zigzag became a triple zigzag in hindsight which made us watching the market for some weeks.