My long term bullish view is unchanged, calling for a major rally towards 1.9476.
Short term my preferred count shows that wave 3 higher towards at least 1.7538 is developing. That said, the alternate count indicating that wave 1 ended at 1.6822 and not 1.6602 is almost a fifty/fifty with my preferred count. If wave 1 ended at 1.6822 we will likely see a deeper correction in wave 2.
However, as long as the minor support line and the 61.8% corrective target of wave i at 1.6467 continues to protect the downside I will be looking for a break above resistance at 1.6578 and more importantly a break above resistance at 1.6718 to confirm wave iii is developing for a rally towards at least 1.7409.
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