EUR/USD - Short term correction expected

I'm still working on the bigger picture, but lets start looking at the rally from 134.29. I does look like a finished rally. It's not very impressive and lacks impulsivness, none the less we can count a five wave rally from 134.29 to 147.13 (see the chart above). The MACD indicator show a serious negative divergence all pointing to a possible top being in place for a correction.

The most likely target for this correction would be the bottom of wave iv of one lessor degree at 141.55, which is just below the 38.2 retracement target at 142.24.


Zooming in on the last part of the rally from 141.55 to 147.13 again we can count a nice impulsive five wave rally. The internal relationships between the waves is nice too. Wave iii is 1.618 times longer than wave i and wave v and i is close to being equal.
The final wave v was a nice thrust out of a triangle all calling for a top and the begining of a correction. A break below 145.88 will confirm a move down to 144.92 and a break here pave the way for the decline to 141.55 - 142.24 area.