Well, the combination correction wasn't quite over. This deeper correction adds additional credibility to my longer term wave count, which has us in an intermediate wave 5 (black) of a leading diagonal wave 1 at Primary degree. In a wave 5 of a leading diagonal, momentum isn't nearly as stong as it is within a typical wave 3 impulse, so price should continue to gradually stairstep down to our target zone under 1.2.
This structure, which I'm interpreting as a "double three" Zigzag-Flat combination separated by a zigzag X wave, appears to be seeking the "golden mean" fib retracement level (.618), which is quite common for a wave 2's.
