We are counting the rally from 1.9361 to 1.9946 as 5 waves (truncated) and larger wave 1 of C from 1.9361. Wave 2 completed at 1.9719. Very short term, 5 waves up from 1.9719 might be complete as wave i of 3 of C. If this is the case, then wave ii should bring price back to the 50%-61.8% zone of wave i; which is 1.9849/89. Look for longs in this area. The target will not be until at least 2.03 (emphasis on ‘at least’).
STRATEGY: Look for longs in 1.9849/89 zone, against 1.9719, target is probably near 2.04/05.
