“There is little doubt that the advance from .9647 is corrective because a triangle separates the two legs.
The only question is whether or not the rally from .9647 is a complete 3 wave rally or just the first wave of a larger more complex correction. Regardless, a bearish bias is warranted against 1.0527.” The story is the same as with the EURUSD and GBPUSD. It is a good idea to lighten up on position size at this juncture since it is possible that a larger correction is underway and the drop below 1.0214 satisfies minimum expectations for the second leg of the correction.
STRATEGY: Bearish, against 1.0408, target below .9647
