In the previous update, a temporary halt in the downward price movement was considered. The formation of corrective wave iv was anticipated.

Now its general outlines are taking shape. It appears we are observing the development of a converging horizontal triangle. It still lacks one weak attempt to push upward toward the upper boundary, after which the price is expected to turn downward again and breach the previous low established by wave iii.

This will complete the development of the downward impulse, paving the way for a price rise.

Thus, the near-term action plan is as follows: following a minor advance, we open short positions targeting a break below the local low, after which we pivot and begin actively buying.

Recommendations: SELL 1.1220, SL 1.1235, TP 1.1100.