With the break above minor resistance at 111.51 we knew, that the correction from 112.49 was over and a new test of this high was developing. We have already exceeded the high at 112.49 slightly, but there still remains a minor risk, that we are in an expanded flat correction. However, instead of looking for a risk scenario, I think the main focus should be on the next possible target for the ongoing uptrend. The next target for this uptrend is at 113.15 and more importantly at 113.76, which could potentially mark the top of wave 3. Short term support will be found at 112.14 and again at 111.48.
I have made a slight adjustment to our count, but that does not alter our overall call for a continuation higher towards the next targets at 1.6127 and 1.6206. Short term however, we might still see a minor set-back towards the 1.5930 - 1.5960 area before the next rally through 1.6085 for the continuation higher towards 1.6127. Looking at the larger perspective a close on a daily basis will establish the series of higher highs and higher lows and thereby set the underlying major trend as up.
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