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Alternative scenario: Breakout of the level of 1.1166 and consolidation below this level will enable the price the decline to 1.10.
Analysis: Presumably, the fifth wave is being developed in the one-two wedge. At the moment, it seems that the fourth wave of the junior level (iv) has completed. If this assumption is correct, and the price does not break down the critical level of 1.1166, the pair will continue to rise to the level of 1.15 in the fifth wave. In case of the decline in the pair below the 1.1166, correction will deepen to 1.10, and in this case the final diagonal triangle can develop in the fifth wave. Critical level for both options is 1.0810, the level of completion of the fourth wave of the senior level.
Alternative scenario:
Analysis: Presumably, the fifth wave is being developed in the one-two wedge. At the moment, it seems that the fourth wave of the junior level (iv) has completed. If this assumption is correct, and the price does not break down the critical level of 1.1166, the pair will continue to rise to the level of 1.15 in the fifth wave. In case of the decline in the pair below the 1.1166, correction will deepen to 1.10, and in this case the final diagonal triangle can develop in the fifth wave. Critical level for both options is 1.0810, the level of completion of the fourth wave of the senior level.
Alternative scenario:
