The steep trendline from 1.4250 comes in near present levels at 1.2990. Wave counters will make an argument that the 5th wave off that 1.4250 high has now been completed and we should now experience some retracement/consolidation. The 38.2% retracement comes in at 1.3385 so there is certainly some space for a rally, that is presuming that a base does form. Bulls should wait for a clear break of the trendline and then revert to dip-buying mode.
