The powerful rally since the 1.4813 low tells us that the long term triangle that has been developing since January 2009 is not over yet.
The big question is of cause whether this is a wave 4 triangle or as shown above a B-wave triangle calling for a continuation higher once this triangle finally comes to an end.
If it's a wave 4 triangle the current rally will be the e-wave of the triangle and should be followed by a thrust out of the triangle to the downside. If however, this is a B-wave triangle we will see a top near 1.6300 followed by wave e lower towards 1.5709 and possibly even lower towards 1.5535 and maybe all the way down to the 61.8% correction target of wave d at 1.5365 before a powerful thrust out of the triangle towards the upside.
I still like the B-wave scenario slightly over the wave 4 scenario, but will stay alert to whatever the chart tells me.
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