The bear triangle resolved lower as expected. Since the triangle is considered wave-4 of (3), then it follows that wave-(3) is complete or nearly complete. Divergences on the daily chart between the 1.3333 low and current prices are signaling that a short-term bottom is forming (daily). S/t, the downtrend from 1.34 is intact and until prices can regain the pivot low and Gap at 1.3242, then it is premature to declare wave-5 complete. For today, there is a case for a small rally to minor resistance at 1.3220, a break of 1.3184 can signal that a 5-wave decline from 1.33 is ending. (hourly) Conviction: Med/High Levels: Support – 1.3184, 1.3082, 1.3041 Resistance – 1.3220, 1.3424, 1.3297
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