We have finally seen the long term expected break above the base-channel, which indicates acceleration higher towards 1.1754 as the ideal target for wave 3. At 1.1754 we will also find the 38.2% corrective target of the decline from 1.3793 in early March 2011 to the late January low at 1.0488.
Longer term I'm looking for wave C, which should be a impulsive rally (five waves) of this major flat correction, that has been unfolding since December 2006 (see the monthly chart below). This five wave rally should take back just above the March 2011 top at 1.3793.
Short term we will ideally see the base-channel resistance-line near 1.11 act as resistance, but only a break below support at 1.1043 will cause a delay in the expected uptrend.
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