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 a new low below 1.0927. Since the 2nd wave correction was sharp, expect the 4th wave correction to be a flat or triangle.