We are still headed for resistance near 133.59 short term, were we will likely find the top of wave iii of 5 and after a brief correction in wave iv down to the 131.56 - 131.79 area we should see the final rally higher in wave v of 5 towards 135.47. As we are getting closer to the ideal target for the entire rally from 94.10 we should be aware of signs, that this major rally is coming to an end and wave 2 is ready to take over. However, for now we should still be focused towards the upside and the expected test of 133.59 soon.
Red wave iii of iii is progressing nicely, but we would still like to see some real acceleration through the base channel resistance line to confirm that wave iii will extend. Short term we would like to see support at 1.5680 protect the downside for a break above 1.5742 and more importantly a break above 1.5770, which will confirm the next rally higher to 1.5918. That said a break below 1.5680 will open for a slightly deeper correction to 1.5648 before the next move higher will be seen.
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