The price-action of late has been corrective in its structure both in up and down moves, which could be consistent with a triangle developing. If a triangle is developing, we know that we will see on last thrust towards the upside followed by a correction. Even though it has been very difficult to decipher the price-action lately one last rally to above the former top at 131.12 will fit the ideal scenario best. If a triangle is developing we can expect a move towards 135.47 in wave v. The target is arrived by measuring the widest part of the triangle and add that to the possible bottom of wave e of the triangle. Wave e is still not in place, but a qualified guess is, that wave e will terminate close to support at 128.80. That said a break below 127.86 and more importantly a break below 126.43 will invalidate the triangle scenario and indicate, that wave 5 and (1) already is in place at 131.12 and wave (2) is developing.
The c-wave of the expanded flat correction has been deeper than I first anticipated, but we are currently at support at 1.5274, where wave c is 2 times longer than wave a, however to confirm that wave c is done we need a break above 1.5367. As long as minor resistance at 1.5367 protects the upside we could see wave c continue lower to 1.5188, where wave c will be 2.618 times longer than wave a, but the should be the ultimate target for wave c and from 1.5188 or upon a break above 1.5367 we should see a powerful rally in wave iii towards 1.6145 and possibly higher.
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