Since the July 24 - 2012 low at 1.39 we have seen a five wave rally to the high of 3.03, which tells us that when the ongoing correction is over we should see more upside pressure.
Looking at the decline from 3.03 we can Count a five wave decline indicating that we are looking at a simple zig-zag correction. I think we have a bottom of wave A in place or is very close to a bottom for wave A, which should be followed by wave B higher towards at least 2.79 and more likely even higher to the 61.8% corrective target of wave A at 2.89 before the final wave C lower.
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