As mentioned in recent days, the rally from 1.0589 is a 3 wave correction that should be fully retraced. Confirming that the larger trend is still down is the 5 wave decline from 1.1026. I wrote yesterday that “a correction ended at 1.0893 and the objective is below 1.0367.” The extent of the rally from 1.07 warns of a spike through 1.0893 in what could be an expanded flat. A bullish count of the drop from 1.1026 would be a complex double three (w-x-y). 1.1026 defines the trend.