Interesting...this entire move up with the new high still looks to be corrective...lots of 3 wave movements. There's an EW pattern called an Expanded Flat where the first major move down to near 1.4040 would be Wave A. Wave B moves to about 20 pips or so above the previous high and then dies. Then, C wave to the downside wraps up about 20 pips below the previous low, which still puts us back at 1.4020 or so. That entire thing would be considered to be a large Wave 4 progression, which would lead to one more big 5th wave push topside...then a long term collapse.
Waiting patiently...TP set for 1.4040. That's my story and I'm sticking to it...ROFL!
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