Commentary: We wrote yesterday that considering that the 23.6% of wave 3 (1.3551-1.3928) is at 1.3839, it is possible that the correction is complete at 1.3828. For this reason, a bullish bias is warranted against 1.3719 (top of wave 1) for a test of 1.4000.
As wave 5 unfolds, we will be able to better gauge where it might end. Wave 5 is indeed underway from 1.3828 and is appears that one more high (above 1.3988) is required before a more significant top is in place. This 15 minute chart shows the strucutre of wave 5 from 1.3828 and suggests that it is close to complete. A rally above 1.3988 satisfies minimum expectations for the end of wave 5.
Strategy: Remain bullish, move risk to 1.3828 (from 1.3719), target 1.3988