We’ve altered the count slightly but the implications are the same.
We are treating the consolidation from 1.6018 as a triangle (wave E completed at 1.5468 on 6/23). Treating this count as preferred clears up recent price action. The rally from 1.5468 is a clean ‘5 up’ and the drop from 1.5909 ended near the 61.8% of 1.5468-1.5909 (wave 2 traveling 61.8% of wave 1 is common). Our position is that wave 3 is headed higher towards 1.6324 (161.8% extension of 1.5469-1.5909/1.5611) while 1.5611 remains intact.
STRATEGY: Bullish, against 1.5611, target is above 1.6018 (near 1.63)
