Very nice, almost perfect advance since yesterday update at the end of the Wall Street session when a fourth wave triangle has completed. We know that triangle unfolds just prior to the FINAL wave of a the larger pattern, and as such, prices will likely slow down in sessions ahead, since our blue wave (v) is a final wave of an extended back wave 3.
Guest post by Gregor Horvat
Strong resistance is seen at 1.6400/30 region, where 161.8% Fibonacci extension level is shown; typical wave 3 target. Keep in mind that 1.6400 region was also top of March 2011. As such, watch for a corrective reversal in the near future, which will be a wave 4, but still part of a larger incomplete bullish pattern.
Break below red support line of a rising channel will be important evidence of anticipated wave 4.
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