We have altered the count slightly but the implications are the same. That is, the EURUSD is nearing completion of a 5 wave rally at multiple degrees of trend and the next move is back to the 1.4967/1.4310 zone. The alternation is the treatment of the action from December 2007 to February 2008. We had previously concluded that the consolidation was a running triangle. It was improper to do so since even running triangles can not have wave D exceed wave B (rather, wave B exceeds the origin of A).
What we end up with is a 4th wave as a zigzag and waves i and ii (running flat, which rare). Therefore, the rally from 1.5342 is wave v. Wave v (unfolding as a diagonal) would equal wave i at 1.5953. The high has exceeded this measurement by 30 pips. It is possible to count 5 waves in a diagonal from 1.5342 to 1.5983, so a top may be in place. Coming under 1.5510 would reinforce this view. On the other hand, it is just as correct to count 1.5712 as the bottom of wave iv of the diagonal. Under this interpretation, the end of wave v would be above 1.5983 but not above 1.6185. Without 5 waves down at any degree, the latter seems probable.