Our preferred count is in black, which is the bullish count (the advance from 1.5283 is unfolding as a diagonal).
We expect a bottom to form near 1.5570, which is the 5/12 high (top of wave i). This level is defended by the 61.8% of 1.5396-1.5817 at 1.5557. The alternate (bearish) count treats the rally from 1.5283 as wave X in a large W-X-Y complex correction from 1.6018. In order for this count to become preferred, we would need to see a 5 wave drop from 1.5817.
