So what happened?
There was a break above the NIL+ by 10+ pips. Next target could had been the 300 level at 1.02069, but we had a failure at 1.0199 which was a 300 level of a previous range and the subsequent reaction went to the overbought level of the senior range.
I wasn’t certain if the first pull back to the zero after the LS print counted as a head, for there was no new consolidation / range adjustment.
Now I know that it was true love.
We are looking for a left shoulder again then.
45% is at 1.0217. 60% at 1.0228
After the left shoulder price would have to go oversold (1.0126), consolidate thrn tag a fresh Zero (100 / top of the range).
Remember, the full reversal is a 2-step process.
The next 300 level is 1.02639.