Looking at the decline since the top at 138.61 does clearly look impulsive. Looking at wave i down it has distinctive impulsive characters, where wave (iii) was almost vertical and clearly the longest. Wave ii corrected an almost exact 61.8% of wave i, which adds confidence in the impulsive count. If the decline from 138.61 is only a zig-zag correction we should still see a decline where wave c will be equal to wave a at 134.21.However if we take a look at the USD-Index we see a clear inverse S/H/S bottom, which calls for a rally towards 79.79. We have one big hurdle though. Resistance at 78.81 is pretty strong, but if it break there should be little doubt that we will see 79.79 tested and a continuation higher towards the 81.44 top. Failure before 78.81 would add pressure to the downside, but at this point it's not the favored picture.
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