Near term, the latest bull leg (.9710-1.0324) is a wave 1 impulse within a 5 wave bull cycle (wave i of 1 is a diagonal). Therefore, wave 2 is underway now. Specifically, the drop from 1.0324 is wave a of 2 and the rally to 1.0172 is wave b (or part of wave b).
The wave 2 correction will probably continue for a few more weeks before ending closer to .9950 (61.8%) / 1.00 (former resistance). This is where we will look to enter long.
