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The decline from just above 9400 counts well as an a-b-c decline with wave b as a triangle and the succeeding rally from 8731 has extended into 5 waves.  Price pattern suggests that the larger trend is still up.  Near term, the decline from 9332 did not even extend to the prior 4th wave low so the rally from 9165 may be just a b wave rather than the beginning of the next leg up.  Expect a drop below 9165 next week and test of support at 9100. 

Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Friday evenings), technical analysis of currency crosses on Monday, Wednesday, and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forum.  He is the author of Sentiment in the Forex Market.  Follow his intraday market commentary and trades at DailyFX Forex Stream.   Send requests to receive his reports via email to jsaettele@dailyfx.com.

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