There is a probability of forming a triangle pattern in wave 4
In the 240-minute chart, there is a scenario that wave 4 from pint C is forming a triangle pattern . This scenario will be reinforced, by crossing the price from the range of 1.1898, which is the end of wave “d “from the triangle pattern .
According to the MACD , which indicates a very strong divergence. There is the possibility of having the wave 5th in the form of Ending Diagonal pattern, if the price increases up to the range of 1.20, after the completion of 5th wave, downtrend will begin.
We should take this in to our consideration that, if the price crosses the range of 1.1762, the second scenario will happen, in which the Diagonal pattern becomes completed.