USD/PEN s/3.8070; EUR/USD $1.0537; Gold $1842; Bitcoin $31180; USOil $100
EWFOREX.NET
US Dollar in Peruvian Sol has retraced to the Fibonacci 38.2% of the five wave impulsive drop from the 4.1448 all-time high. The break of the Intermediate upper channel trend line confirms Primary wave 2 is underway. Currently, the Fibonacci 50% and 61.8% retraces stand as upside targets.
However, notice that the move up from the 3.612022 low carved out three waves when it made it past the 38.2%. The size of the fractal is small to be correcting the large move down from the 4.14 all-time high. However, the structure at the 3.8545 April high is a complete zigzag which could possibly complete Primary wave 2.
The labeling below has Primary wave two reaching the Fibonacci 61.8% 2vs1. In order for the move to make it it would have to extend into a double zigzag. This would put price in the middle of an X-wave.
