The current cycle-degree structure hints to further downside as part of primary waves Ⓦ-Ⓧ-Ⓨ.
Wave Ⓦ unrolls in an intermediate (A)-(B)-(C) correction and has completed both waves (A) and (B), as seen on the chart.
Following the bullish (B) correction markets initiated the final intermediate-degree impulse wave, wave C.
Sometime in the next (or the one after) trading week, we could see minor wave 5 completing the impulsive correction near 0.6349. At that level, impulse wave C will be at 200% of wave A.
An alternative, again bearish, scenario, suggests that the current bearish zigzag structure is going to end a little shy of the previous scenario’s low, near 0.638.
Intermediate wave (B) is seen as a triangle pattern, which points to a minor impulse with an elongated wave 5.
With 1-2-3 and 4 completed already, a decline to 0.638 is the targeted area protected for this alternative scenario. Wave (C) will be at the 161.8% of wave (A) when 5 reaches the said level.