The preferred count that we have been tracking is in black and is valid as long as price is above 1.5611 (red horizontal line).
BUT, given the extended weakness from 1.5944 (well beyond where the decline would equal the 1.6039-1.5783 drop), presentation of an alternate count is warranted. While the preferred still treats wave IV as a triangle (complete at 1.5468), the alternate (in red) treats the correction from 1.6018 as a flat. Wave C of the flat would be underway now and would not end until below 1.5283. Near term resistance is 1.5700/36.
STRATEGY: Bullish, against 1.5611, EXIT AT 1.57 (if given the chance) and FLIP to Bearish against 1.5797
