As it is usual in wave 3 there was no time for a correction and the rally just kept moving higher towards the next target at 113.76. We could potentially be near the top for wave 3 but need a break below 113.02 and more importantly below 112.00 to confirm that wave 3 is over. As long as support at 113.02 has not been broken the uptrend in wave 3 is intact, and a test of 113.76 should be seen with potential for a move even higher towards 114.17 and 114.73. That said, this move is clearly becoming stretched and we should expect a relatively big correction soon.
There was no time for a correction here as the rally higher towards the next target near 1.6206 took place. With a high at 1.6217 we could have seen a top, but to confirm that we need a break below support at 1.6083 and more importantly a break below 1.5962, which will confirm, that a deeper correction towards 1.5923 is taking place. We have to remember, that we are in wave 3 higher and corrections in wave 3 tend to be small and even sub-normal. As support at 1.6083 protects the downside we could see a continuation slightly higher towards 1.6261, but this rally is clearly becoming stretched and we should expect a bigger correction soon.
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