We had a break of 1.5895 yesterday, the key level that I mentioned before. This proves that MTD 9 high has arrived at 1.6457. Looking at the MTD chart, we could see that MTD 9 to MTD 10 move in the past two cycles was 30 - 40 days. In the current cycle, the move from MTD 9 high (1.6457) to yesterday is only 14 days, and therefore it's likely that MTD 10 low won't be due for a while and that medium term trend is still DOWN
In the lower ITD timeframe, we should soon find an intermediate bottom (ITD 1 low due on average Feb 3). From there, we would move up to ITD 2 high due on average Feb 15 if there's no inversion. However, since the higher time frame MTD is still DOWN, we will most likely get one more low at ITD 3 low before MTD 10 low is due.
