EURUSD

Price seems to be making some progress this morning, downhill. This is the 6 pip range bar study and is in full bullish glory after that run up. However, its half brother, the 3 pip study (not shown) has a collapsed wave right now with price sitting at or just under yesterday's high. That makes this 6 pip study the next one in the sequence I am using, and no need to look at the bigger brothers as they are all bullish. For now then, focus is on the daily pivot and yesterday's low as targets and how the MMA wave responds in structure to those moves. As can be see, a move to yesterday's low will be below the MMA wave spine and at the FLD, which would at least provide the opportunity for a review of matters. It does seem to me that a gentle decline that brings everyone with it, is better for the downside case than a spike, so easy does it tiger. This EW count is of the last ride up in that diagonal: given this decline is hardly impulsive at present, I am looking for this to be corrective down hill. Notice the 261x extension of current 'a' down is at yesterday's low......food for thought....push through that low and something a tad bigger may have happened!