[B]Commentary[/B]: Sometimes, looking at a very short term chart is helpful, especially when it is highly probable that the market is at a turning point. This is one of those times. It is obvious from the chart above that a 5 wave structure ended at 1.3832 and that there are 5 waves down from 1.3832 to 1.3773.
The 5 down? means that at least one more 5 wave decline is likely to occur. The correction from 1.3773 may extend higher, but should be contained by the 61.8% of 1.3832-1.3773 at 1.3809. An initial bearish target is 1.3700. The form of the decline will alert us to the bearish potential.
[B]Strategy[/B]: Bearish on break of 1.3773, against 1.3832, target 1 at 1.3700, target 2 TBD