Still Correcting

In my last post I thought the correction was over. It clearly is not. Looks like the structure is morphing into a double flat. I fully expect the drop to achieve the 1.5380 level. The question is when will the drop begin. From the below chart you can see that we likely need another down up before we can call the five ways long complete to finish wave .4  . Wave .1 was 426 pips so I expect wave .5 to be close to the same. I believe the long retrace should end near 1.5800 and then drop to near 1.5380