EURUSD 8.48am

We have had a move up early this morning into the vicinity of T4 as high as 1.2789. It has so far been rejected, but this arrow like formation looks and feels like a 'b' wave - a faker. If this is a 'b' wave, that would make yesterday's sidewards action a possible 'b' in an 'abc' up for the 'a' wave. It would then follow that we have a 'c' wave to come that should take on a more familiar feel. The depth of this pull back suggests that the ending diagonal structure could be the prime target, so I am still looking for a touch at D1/D2. It is noticeable in the first chart that T2 has now made it above T3 (that is the shorter time frame is above a longer one) but T1 has yet to skip across both. This pull back may be acting as a collection trip before moving back up to T4. On the weekly My-Wave we can see how price launched itself out of the downward channel and is back-testing the perimeter right now. There are a number of options going forward but for now, T4 has got to be surmounted if anything other than more of the ending diagonal is to come. Alternatively, price continues to drive down and provide confirmation of a more bearish structure overall.