Euro failed to close the gap window and better 1.3242. The rally to 1.3220 was just a bear flag wave-iv consolidation. Our outlook is that wave-v of 5 of (3) will complete early this week and set the stage for a multi-week countertrend correction. The correction will mark wave-(4) in a still unfolding downtrend. (daily) S/t, the Elliott count from the wave-4 high at 1.3412 is nearly complete. The ideal target zone is b/w 1.3092/78. This zone is where wave-iii=v and wave-3=5. Conviction: Med/High Levels: Support – 1.3092, 1.3078, Resistance – 1.3145/60, 1.3220, 1.3242
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