The downtrend in this pair has shown weaknesses throughout its development. The .33 speedline drawn at the 0-I swing has proved to be a strong support, rejecting the price many times and finally halting the W3 (this is how I prefer to write wave 3 of an Elliott impulse in short). That was also the point where the Stoch made its bottom, after which a flat correction pushed the price until the second line drawn parallel to the speedline. As the price hits that parallel line (let's call it TL3), which proved to be a good resistance, we see the Stoch signaled overbought. Now the trend is continuing to make W5, which may or may not result in a lower low. The breakout of TL3 would mean the end of the downward move, which should also involve a bullish crossover in Stoch.
