EURUSD: 4.50pm

Oh, it has been a slow day. But therein lies some of the answer as I have been working on this being a turning zone and so far it seems to be so. If we zoom out on the My-Wave, there is a clear 5 waves down with that familiar Elliot Wave formation about it. We have also got positive divergences on the MACD which usually accompany 5th waves. Zooming in again, and My-Wave has yet to turn up but is obviously under a lot of pressure here. Part of the push and shove I think was caused by dropping under the 1.2742 level, being the 38.2% retracement of 1.2041 to 1.3171, and bringing the 127% extension at 1.2672 into play - a sort of, shall we or shan't we.... Anyhow, we seem to rolling along the bottom of some formation but may just be a trend line, but could still be a ledge to further downside. I am however, looking at the D1/D2 intersection at 1.2815 ish as the decision point, which is where T4 sits (see the My-Wave charts). A clean slice through here would bring D3 into play which sits at the 85.4% fib fan line of this whole move down (green dashed line) from 1.3138. On this final chart, I have marked up an 'abc' for this whole move from 1.3171. I can not see a clear 'third wave' in there at all, and have to run with this either being a 4th wave in the move up from 1.2041 or a 'B' wave. Some clarity will hopefully come from this next move up, but clearing D7 will have to come first!