The triple divergence between price and momentum corroborates our wave count indicating that 5-waves up from .8995 are complete. This wave-iii (green) rally is now undergoing a correction which is expected to be sharp and mark price as opposed to time. The orange lines are where multiple Fib retracements align and point to a target for wave-iv (green) between .9227 to .9145. S/t, initial support today is .9227/18 and near-term resistance is .9255. Because of the broader pattern we view this correction as just a pause in the longer-term uptrend and breakout above .9086. Levels: Support – .9227, .9218, .9205 Resistance – .9255, .9304, .9357
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Nomura