We maintain that wave 5 within the 5 wave rally from 1.4438 is nearing completion. Wave 5 would equal wave 1 at 1.5391, not far today’s high so far. This is our favored count as long as price is above 1.5146. If we see a 5 wave drop on a short term (15 min) chart, then we’ll discuss it at DailyFX +. For now, there is no sign of a reversal and no reason to fade the trend.
