Masterforex-V Academy experts assume that the price is currently retracing from the recent rally represented by wave A/B of level Daily1.
In order to suspend the retracement, the price will have to break above the sloping channel built through 81,500/81,290, with man upward fractal-zigzag reversal (FZR).
There is a wave that represents a potential reversal. It starts at 79,840 and ends at 80,530. The wave level is H4.
In case, the price does break above 80,530, it will form an upward FZR of level H4. Still, until 80,580 and the top of the sloping channel stay unbroken, the FZR will be incomplete. That is why, there is a chance to build wave bC of level H8 until then.
If the rally resumes after breaking above 80,580, the move will be treated as a bigger-scale wave (wave A/B of a senior timeframe). However, if the price breaks below 79,921, the bearish move will be resumed.
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