• The idea that the decline from the 1.5588 top is nothing else but an internal 4th wave setback remains fully intact as long as key-Fib.-support at 1.4600 (int. 38.2 %) has not been broken decisively on hourly close (i.e. below 1.4550).
• But in order to receive confirming support for this bullish view it would take breaks above 1.4807 (daily trend) and above 1.4861 (minor 38.2 %).
• The final confirmation that we are on the way to new highs would however only be delivered via breaks above 1.5244 (daily Ichimoku-lagging) and above 1.5308/51 (pivot/int. 76.4 %).
• A failure to clear 1.4861 would on the other hand leave 1.4600 at risk of being broken which would constitute a game change in favor of a much deeper setback to 1.3858 (50 % on higher scale) and possibly to 1.2945 (76.4 %) at a later stage.
JP Morgan