Technical summary:
Wave iv moved slightly above the ideal corrective target at 1.4445 (a high came in at 1.4468) before turning lower to a new low. We are looking for wave v lower to 1.3885 before a bottom should be expected. In the short term, we must allow for a correction towards 1.4407 before the next strong decline is expected. That said we are very likely in the final part of the long-term decline, so this is not the time to be overly aggressive.
Trading recommendation:
We will stay neutral for now.
