Commentary: We maintain that “wave 4 within the 5 wave bull cycle from 1.3261 is underway now. Wave 2 (of the same degree) took 4 weeks to play out and this week is week 3 for wave 4. Therefore, we expect a significant bottom to form next week.” It is possible that wave B of 4 is complete at 1.4770 and that wave C is underway towards 1.4500.
The other possibility is that wave B will continue to play out and test 1.4800/35. Either way, a bearish bias is warranted against 1.4908.
Strategy: If already bearish, remain so against 1.4908. If not, get bearish near 1.4835