We wrote Friday that “the short term supporting trendline will remain intact if the rally from 1.4438 is the 5th wave that we think it is. An objective is at 1.5126 (161.8% extension).” To recap, the rally from 1.4438 is a 5th wave (within the 5 wave rally from 1.3261). Wave 3 of 5 is underway from 1.4614 and wave iii of 3 may be underway from 1.4778. With this in mind, move risk to 1.4778. Again, objectives are above 1.50.
STRATEGY: Bullish, against 1.4778, target 1.5119
