“The rally from .9710 to 1.0324 is in 5 waves, confirming that the larger trend is up. We are treating the decline from 1.0324 as a 3 wave correction (a-b-c). Wave c would equal wave a at .9967 and the 61.8% of .9710-1.0324 is at .9945.
Yesterday’s low was just above this level and may be the wave 2 low. The strong rally this morning is a strong sign that wave 3 is underway towards a break of 1.0324. Risk can be moved to .9987
