Commentary: There is no change to the call for “a test of 1.4800 (61.8% of 1.4966-1.4526) before bearish potential comes to the forefront.” As mentioned the last few days, we maintain that a large flat or triangle is unfolding from 1.4966. The decline from 1.4966-1.4525 was most likely the first wave of a a 3 wave correction (or a triangle). Look for resistance near 1.4800/70. The rally is likely to accelerate near term with the small degree count indicating that a third wave may be underway from 1.4654.
Strategy: Flat