The analysis focuses on FETUSD, currently at 0.249. The analyst has not been able to confirm a low and suggests a move to the upside is unlikely a wave one. If bullish, the large move up from October 10th could be a wave one, following an A wave down and a B wave up. The analyst notes a likely B wave. The market followed a path lower and another low is possible, with a retest around 0.207 to 0.156. The decline from the B wave top is likely a diagonal pattern with three waves down in wave one, wave two bounce, three waves down in wave three, wave four, and three waves down in wave five. Wave four may have topped, pullback is a three wave move. A break below 0.225 would clarify or a five wave decline. Pressure appears downward, there is still room for a larger wave four, and resistance break in five waves at 0.315 is important. A break above B wave high at 0.46 is crucial and the swing high from October 10th around 0.50 is a level of interest.