My working assumption is that a wave 2 high is in place at 1.3740 (within what will be a 5 wave decline from 1.4723). It is quite possible that 1.3740 will be the high for the year. I wrote yesterday that “a corrective rally may be underway from 1.3113. Expectations are for the rally to exceed 1.3343 (yesterday’s high) and top in the 1.3415-1.3450 zone.” The EURUSD is in this zone now so I am looking for a top.