we expect 2 scenarios here, either bearish move has stopped at (Z) March 20 low, and the current bullish run will continue, which it's wave 4 is still forming which is expected to take out the March 9th high at $1.14941 which will ultimately confirm the bullish trend. secondly, if the current selling continues beyond 50% fibo it will invalidate the bullish count since according to Elliott Wave rule, wave 4 cannot retrace beyond 50% of wave 3, if it does, it is a signal that the current low may still be take out
we expect 2 scenarios here, either bearish move has stopped at (Z) March 20 low, and the current bullish run will continue, which it's wave 4 is still forming which is expected to take out the March 9th high at $1.14941 which will ultimately confirm the bullish trend. secondly, if the current selling continues beyond 50% fibo it will invalidate the bullish count since according to Elliott Wave rule, wave 4 cannot retrace beyond 50% of wave 3, if it does, it is a signal that the current low may still be take out