Commentary: Larger wave 4 is complete at 1.4310 and wave 1 of the next larger degree is close to complete at 1.4750. Wave 2 is likely to bring price back to the 1.4600 area (former 4th is at 1.4592). A deeper correction is possible since this decline is a second wave (and second waves are usually deep). The next leg higher will be a third wave and is expected to challenge 1.5200/1.5300 (but not before a dip to 1.4600). Be sure to check out the Elliott Wave forum for intraday updates to the count.
Strategy: Exit bullish position
Al Bawaba
