We argued for a bottom yesterday, writing that “on the hourly, there are 5 waves down from 1.6039. Even more indicative of a near term bottom is that wave 5 is in 5 waves as well…A push through 1.4710 would be enough to convince us that at least a short term low is in place.”
We got the push through 1.4710, and in impulsive fashion (5 waves). Bottom line is that there is enough evidence to warrant a bullish bias against 1.4631. Resistance a few days out is 1.4980 (former resistance), 1.5080 (former resistance), and 1.5170 (38.2 Fibonacci).
