General Overview for 26/04/2014:
This pair is still on a corrective cycle.
There are two possible scenarios here, if we start the count from wave X high: impulsive OR more complex corrective bounce. The most important difference is whether wave Y will be more impulsive (full 5 waves) or it will continue to develop in more complex wave form . The NLR model still shows the downside slope and after the small triangle labeled on H4 chart as wave (b) is finished one more push lower is expected. The same structure is labeled on H1 but in different way: instead of a Triangle wave (c) it might be more complex internal cycle of WXY brown.
IF YOU NEED MORE DETAILED ELLIOTT WAVE COUNTS,
THEN JOIN MY VIP SERVICE!