For now, the situation continues to develop within the previously considered scenario. It is assumed that an initial diagonal triangle is currently forming, and within this structure wave 3 may have already completed.

This is suggested by the price’s attempt to move lower. However, buyers reacted quickly, clearly unwilling to give up the initiative. Even so, this minor upward move is most likely corrective in nature.

If this interpretation is correct, a decline is expected next, forming the start of corrective wave 4. In this context, opening short positions is recommended.

Recommendation: SELL 1.1735, SL 1.1750, TP 1.1600