We had thought that “one more low was required (below .9647) before a sizeable rally developed but also mentioned that a rally through 1.0051 strongly indicates that a low is in place at .9647.”
We know now that the latter scenario played out and therefore favor the idea that a low is in place at .9647. Like the EURUSD (but inverse), the rally from .9647 is probably a larger 4th wave. Expectations are for the rally to reach the 1.0730-1.1121 zone.
