M = Measuring Leg

E-M = Expansion Measuring Leg Override

D = Divergent Leg (drop of directional volatility)

Next should be an M+D on the downside. Not certain that the price would be let beyond the SOB at 1.1141.

However, in the next leg up, the Red volatility line would be compressed below 14 (pips) and a further push higher would have to set up a Gray divergence for a peak. The brown bow is my idea of how the measuring leg would print.

…below 14 print, managed it on this very leg

After an E-M the expectation should be a W3M print. Why? Because if an E-M gets broken, you are likely in a Wave 3.

About halfway through these two numbers (W3Close and W3Far):