We wrote last week that “the preferred count treats the advance from 1.5283 as a series of 1st and 2nd waves (1 and 2 of V).
The rally from 1.5303 is wave (1) of 3. The next ‘significant’ move should be back to 1.57 (at least). As such, lighten up on longs at this point.” The correction reached 1.5612 yesterday and may be complete. The 61.8% of 1.5303-1.5909 at 1.5534 would be the next level of potential support. It is best to wait for this correction to play out before adding to / initiating long positions. The larger bullish bias is intact as long as price is above 1.5303.
STRATEGY: Bullish, against 1.5303 (but lighten up), target is above 1.6018