The decline from 1.3811 could be counted as a five wave decline (see the 15 minute chart), but it's a very ugly five wave decline and for the above count to stay preferred resistance at 138.11 must stay unbroken for a break below 1.3736 confirming that wave iii is developing for a decline towards at least 1.3640.
A break above 1.3811 will invalidate the above count, but only a break above resistance at 1.3832 will indicate, that wave E is still developing for a move closer to 1.4247 before down again.
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