Wave d of the triangle is underway now. We wrote yesterday to “expect wave e to end near 1.4589/1.4659; this is the 61.8% to 50% of 1.4365-1.4953.” Price is at the upper end of this zone now but we would like to see this leg of the triangle continue for at least two more days. Therefore, look for a long entry near the bottom of this zone (1.4589) and maybe even near the 1/23 low at 1.4511.
STRATEGY: Long in halves at 1.4595 and 1.4520, against 1.4359, target mid 1.50s
Al Bawaba
