The extent of the rally from 1.0782 almost assures that the entire decline from 1.3068 is complete. Additionally, the rally from 1.0782 unfolded as an impulse. On the 10th, I wrote that “I am not sure if the rally from 1.0782 is complete. A thrust higher from a running triangle is possible before a corrective decline. It is best to wait for clarity here before taking a strong stand.” The thrust higher was wave B of an expanded flat. Wave C is in 5 waves therefore a bottom and reversal is favored.