Elliot Waves

I wrote yesterday that “the decline may have completed 5 waves down from 1.6746. An objective remains 1.5300 (just above the 161.8% extension) but a corrective rally may delay a decline to that level. In any case, a bearish bias is warranted against the line extended from the September and October 8th highs.” 5 waves are visible from 1.6746 so the odds of a correction back to at least 1.6125 are increased. An extension of weakness in a larger 3rd wave remains possible with price below 1.6125. Strategically, keep a small position on in the event of this occurrence.