@SCALAN, 1) Wave 4 usually and often retraces to 38.2%
2) Near level 1.1478 has been finished previous wave (wave A on my chart). So it's potential support/resistance level.
3) 38.2% - it's not the only strong level where market could go, 50% is also interesting level and it can be combined with lower line of parallel channel.
To sum up, from now I'm expecting move down. I will provide the next update after important price action on the chart.
Thanks for your question!
TheElliottWave
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@Guerrera, Thanks for the good explanation. Looking forward to it...
TheElliottWave
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@Guerrera, that didn't go well my friend :) How do you change your view regardint EWT? Is wave 5 progressing?
Isn't wave 5 already progressing?