An elliott wave account that shows the 2 possible ways the price could develop:
For the upside, this recent down movement seems too long but still not out ruled that a zigzag pullback could be in formation.
For the down side, even when the upside movement that should be labeled as ABC ending at 1.3430, A and C shows some disparity, and even a temporary acceleration in the base channel, the next downward movement in the relation of what I have labeled as i)) and iii)) show an excellent 261.8% relation what favor the idea of an impulse. There for the ABC count as an a pullback and the formation of a downward impulse seems the most viable wave count.
For the upside, this recent down movement seems too long but still not out ruled that a zigzag pullback could be in formation.
For the down side, even when the upside movement that should be labeled as ABC ending at 1.3430, A and C shows some disparity, and even a temporary acceleration in the base channel, the next downward movement in the relation of what I have labeled as i)) and iii)) show an excellent 261.8% relation what favor the idea of an impulse. There for the ABC count as an a pullback and the formation of a downward impulse seems the most viable wave count.