Having only marginally overshot the projected 4th wave target at 1.4430 (int. 38.2 %) we still see good chances that a 5th wave advance is looming which would take us all the way up to the previous high at 1.5833 and beyond.
We stick to this positive outlook as long as key-pivotal support at 1.4341/1.4264 is defended. A break below the latter would only leave minor chances to prevent a broader setback in case the last low at 1.4050 is defended.
On the upside and in order to receive first hints that a sustainable low is in place it would take two consecutive higher hourly closes of the lagging line above the cloud (currently at 1.4554) and a break above the last intra-day high at 1.4605.
The final confirmation that a minimum rally to 1.5485/1.5540 (minor 76.4 %/pivot) is on its way would however only be delivered via breaks above 1.4785 and 1.4811 (daily trend/minor 38.2 %).
JPM