Commentary: As long as price is below 2.0831, the bias remains bearish. “The favored count treats the decline from 2.1160-2.0522 as larger wave 1 (or A) in a bear cycle with the rally to 2.0844 as wave 2 of the same degree. The decline to 2.0353 was wave 1 of 3 and the choppy rally from 2.0353 to 2.0831 can be counted as a triple zigzag, which fits as wave 2 of 3.
Wave 3 of larger 3 appears as though it is underway now and downside potential is much greater.” The alternate count treats the decline from 2.1160 as the beginning of a large triangle or flat.
Strategy: Bearish, against 2.0831, target much lower