We are getting close to one of the big hurdles near 1.3359, which will likely mark the top of wave iii of 5, we should see a brief correction down to 131.61 in wave iv of 5, before the final rally higher to 135.47 in wave v of 5 and the entire rally from 94.10 should terminate wave I and wave II take over.
As we are getting closer to the ideal target for this entire rally, we will have to look closely for signs, that this rally could end early or maybe even overshoot the ideal target, but for now we should still stay focused towards the upside as wave 5 progresses.
I'm still looking for an acceleration higher as red wave iii takes over. I expect to see a break above the base channel as red wave iii develops towards 1.6142 and maybe even higher. Short term we should ideally see support in the 1.5620 - 1.5630 protect the downside for a clear break above 1.5692 and more importantly a break above 1.5717, that confirms the target of 1.6142. A break below 1.5620 will delay the possible acceleration towards the upside for a decline to 1.5597 before higher.
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