Correction or Trend Reversal in FX ?

Reversal for sure......

Correction implies that the market was going the wrong direction in the first place. And as we all know the market is always right so maybe a better term should be used.

how about "sucker's rally"

Hahah. That might be a better term.

Unless of course you consider that the rally in question ran from 20420 to 1.39932 a range of 19512 points.

If doing that distance makes anyone a sucker in this business I want to grow up to be the biggest sucker ever. But that aside the question here is whether or not we see a reversal or a correction (a correction by the way is technically an adjustment for overshoot up or down it is not about the market being right or wrong it is about the market being the market).

I would say you never know beforehand which it is since what it is depends on the range seen in vivo. At this point all we can do is make estimates and what I read is a medium-term low of 1.33 (and you can take that to the bank). How this then develops is a matter of recalculating the market at that point in future. A reaction up to exceed the current high would make the current turn corrective and failure to break above the current high and a fall to takeout and extend the pivot at 20420 would qualify as a reversal. Even then there is nothing that makes my definition and or application of definitions here sacrosanct.

All told it is difficult to the point of impossibility to specify the chaotic path of price. But it is easy to read and follow the Momentum in Direction. The MiD at this point is incontrovertibly bearish ----------->>> So I would ask no further questions of the market and take no prisoners.

The market is not user friendly! The Crow