Once wave e of the triangle was over we saw a very powerful rally towards the upside, just as expected. This will be the final thrust to the upside, which will terminate the entire rally from 94.10 and will be followed by a correction in wave (ii). However let's focus on were this rally is headed. Short term I expect support at 129.51 to protect the downside for the next rally higher. A rally will likely take us higher to at least 132.41 and possibly even higher to 134.17 in wave iii of 5. The ideal target for wave 5 is at 135.42.
I'm still looking for support in the 1.5300 - 1.5310 area to protect the downside for a break above minor resistance at 1.5376, which will be the first indication, that we have seen a bottom and the next rally higher is developing. However, we need a break above resistance at 1.5415 and more importantly a break above 1.5456 to confirm the bottom and the next rally higher towards 1.5575 and 1.5611. Only a break below 1.5251 will invalidate my bullish call.
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