The previously considered scenario now appears less likely, while a more attractive alternative can be identified and taken as the base case.

It is possible that the upward movement developed as a converging leading diagonal triangle. After that, price moved lower, forming a corrective phase. At the moment, this correction is approaching completion, although some additional downside is still possible.

Thus, the correction is likely to take the form of a zigzag.

After that, opportunities to open long positions can be considered.

Recommendations: BUY 1.1660, SL 1.1620, TP 1.1800.