eur/usd march 29, 2009 4h

A double top could be in place, we won't know for sure until we reach the top of wave I (3063). Right now the price is inbetween the 61.8 linear retrace and the 38.2 fibo channel. In theory we could drop a little more but as soon as there is interferance with wave I we need to label this move as a wave 2 and that would mean that we are now in a 3 of 3.
Technically speaking, in that case, we are forming a bear flag right now.
RSI is still very bearish and MACD is flatning but still open.