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A closer look at the 1H timeframe shows that the market has already completed the formation of a cycle actionary wave y.

Thus, in the last section of the chart, we can see the formation of a new bullish trend. Most likely, there is a construction of the primary wave Ⓐ. This can take the form of an impulse of the intermediate degree (1)-(2)-(3)-(4)-(5). An approximate scheme of possible future movement is shown on the chart.

This will push the price to 0.692. At that level, intermediate wave (5) will be at 76.4% of intermediate impulse wave (3).

(Click on image to enlarge)

An alternative scenario suggests that the primary wave Ⓐ is fully completed. It is an intermediate impulse (1)-(2)-(3)-(4)-(5), and a bearish correction Ⓑ is currently under development.

Primary correction Ⓑ could take any form of correction .

Most likely, the price in this correction will fall to 0.590. At that level, it will be at 61.8% of primary impulse Ⓐ.

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