Price is still pushing the 2hr bollys but now at 37% of the proposed 'A' leg down. Maybe more to go of course, but I am counting this recovery as an expanded flat and the 100% extension from here is 1.3422. I have taken a hit on my longs to be naked short from 1.3570, hoping to make that back on the drop and be in a stronger position for the eventual low.
The same move is translated on the 12 pip range bar study and price is pushing both the downward & upward regression channels, as well as the price envelope top. The range low of this envelope is approx 1.3470, before price pushes it any lower, and that is the annual pivot, which seems like a reasonable initial downside.
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