Commentary: The short term bearish stance did not work out too well. There is still a slight possibility that a triangle is unfolding as larger wave 4 from 1.4966 but the surge from 1.4640 is characteristic of a 3rd wave. In this case, the advance would be a 3rd of a 3rd wave (of larger 5). Support should be strong near a former congestion area of 1.4723/51 (this is also the 38.2%-50% of 1.4642-1.4813.
Strategy: Not stopped out of bearish position yet….but looking to flip bullish at 1.4750, against 1.4642
Al Bawaba
