Commentary: The triangle is playing out as expected. The rally from 1.4365 is viewed as wave d within the a-b-c-d-e triangle. It appears that this leg of the triangle could extend. Potential resistance is at 1.4820 and 1.4900 (triangle resistance), although it is possible that wave d of the triangle is complete now. The next leg of the triangle will be lower in wave e in order to complete larger wave 4 before the thrust higher in wave 5 through 1.50. Look to get bullish near 1.4500, against 1.4310, for a run at the mid 1.50’s.
Strategy: Flat
Al Bawaba
