Euro Larger Correction a Possibility
Commentary: We presented the very bullish count on Friday; that had the rally from 1.4569 as wave 3 within the 5 wave advance from 1.4310. However, based on the structure of the decline from 1.4824, we favor what was an alternate scenario, which is in red on the chart. The rally to 1.4823 is now viewed as wave b of an expanded flat within larger wave 2 of the 5 wave rally that began from 1.4310. Minimum expectations are for the decline to come under 1.4569 before the next bull leg begins. Resistance should be strong near 1.4750.
Strategy: Exit bullish position and get bearish near 1.4730, against 1.4823, target TBD