Wave summary:
We have seen the expected decline to 1.5604 (the low has been seen at 1.5545), which has completed wave (i), and we are now looking for a corrective rally in wave (ii) towards 1.6005 and maybe even closer to 1.6115 before this correction comes to an end. A new impulsive decline in wave (iii) lower towards 1.4702 is expected.
Trading recommendation:
Nice profit taken at 1.5625. We will be looking for new selling opportunities in the 1.6005 - 1.6115 area.
