We maintain that a 5th wave decline (5th of the 3rd) is close to a bottom and that a period of consolidation/pullback will occur in a 4th wave back to 1.1168. Daily momentum studies favor this view.
The pullback should prove corrective and give way to lower levels. Since the 2nd wave correction was sharp, expect the 4th wave correction to be a flat or triangle and top near 1.1168 (the wave 2 pullback lasted about a week so the 4th wave should last about a week as well).