“There is little doubt that the advance from .9647 is corrective because a triangle separates the two legs. The only question is whether or not the rally from .9647 is a complete 3 wave rally or just the first wave of a larger more complex correction.”
The down-up-down-up sequence since the 1.0624 top is most likely a series of 1st and 2nd waves. Expectations are for this decline to come under 1.0147 in a 3rd of a 3rd within the next week or two. A bearish bias is warranted against 1.0519.
STRATEGY: Bearish, against 1.0519, target below 1.0147
