[B]Commentary[/B]: We wrote yesterday that “bigger picture, we remain bullish due to the count that treats the rally from 1.4310 as wave 5 in the 5 wave rally from 1.3261. At this point, we are unsure of the correct count from 1.4310 but this is one that we are working with now. One reason that we think this one correct is that the decline stopped in the area of the former 4th wave (as it is counted here).” Evidence on the short term charts (15 minute) suggests that the structure remains bullish – a rally through 1.4715 would instill confidence in the bullish bias.
[B]Strategy[/B]: Bullish, against 1.4610, target TBD (probably near 1.52/53)