Hi everyone, hope you are all ok.

Let's get into it...

Weekly Chart is showing the price hitting the 200EMA and dropping after almost reaching the long term upper trend line for Wave (1);

 * Bearing in mind the Alternate#1 count for an extended Wave (C) of Wave (Y)

 * And Alternate #2 for a Wave (D) topping at the upper trend line and then targeting the lower trend for Wave (E).

Daily Chart is showing Wave iii of Wave [iii] showing impulsive moves towards the upper trendline after bouncing off the lower trendline.

Although there is now the possibility of an Expanded flat correction for Wave [ii] (which would make current rally as Wave i);

marked as Alternate #3.

4Hour Chart shows 5 impulsive waves up for Wave 1(blue) of Wave iii after completion of Wave ii.

The price it is now showing corrective signs to what could be the start of Wave 2(blue) down.

Although there is a possibility that Wave 1(blue) is still in its internal Wave (iii) and this correction to be Wave (iv) instead.

Trading this correction does not bring the best risk:reward ratio; With a target to hit the %38 retracement at the 200EMA level.

Bearing in mind also that this is a strong bull pair at the moment and the correction might be small (i.e. %23 or %38)

60Min Chart shows in more detail the 5 waves up. And a leading diagonal Wave (v) completed.

In what appears to be Wave 2(blue) correction, there is a triangle formation;

A breakout to the lower side would see the end of this correction towards the 200EMA or previous Wave 4(blue) price level.

Weekly Chart, under the current interpretation, shows a Wave [C] developing towards 

the %76 retracement of the 5-Waves raise from 2002 to 2008. 

Daily Chart is showing Wave [ii] so far reached just above the %62 retracement.

And now Wave [iii] taking a series of impulsive waves towards the next area of support at 1.08770

Once it crosses this area of support it will confirm Wave [iii] for a longer way down towards the lower long term trendline.

Although there is still a possibility for Alternate #1 for larger Wave 1 and 2 (red).

And Alternate #2 for an extended Wave [ii] to test the upper trendline again.

4Hour Chart is showing Wave v of Wave (i) been extended pass the lower trendline towards the next big level of support at 1.08809

So, once Wave (i) finally finds a bottom Wave (ii) retracement should raise the price in a corrective way towards

the upper trendline, 200EMA and other areas of resistance

(i.e. Fibo retracement levels at %38 or perhaps %50/%62).

60Min Chart is showing the internal Waves of Wave v still yet to confirm its completion...

To then expect Wave (ii) correction, as mentioned in the 4Hour Chart comment.

Weekly chart shows Wave 1(red) and a Wave 2(red) correction completed at the 200EMA level with a retracement between %50 and %62 level.

Note Alternate #1 for a larger Wave (4) developing.

Daily Chart is showing the internal wave counts of Wave 2(red) most likely completed at this point,

as the initials Wave (i) and Wave (ii) of Wave [i] of Wave 3(red) have most likely completed.

And Wave (iii) now under development.

4Hour Chart shows the current count now stands for a completed Wave ii of Wave (iii)

and Waves 1(blue) and Wave 2(blue) of Wave iii completed already;

Now Wave 3(blue) is going across the levels of support, with the next big level of support at 1.28238.

60Min Chart shows Wave 3(blue) of Wave iii is continuing bringing the price down.

With its internal Waves (i) and (ii) completed and now developing a corrective Wave (iv) correction.

All the best for everyone and please do not hesitate to contact me if you have any questions or comments.

Andres