The decline from 1.5586 since mid-March has developed nicely and almost perfectly to my expectation. We saw an expanded flat in red wave iv, which ended at 1.4734 and was looking for strong evidence that red wave v lower was developing. The first strong indication was the break back into the falling channel and Fridays acceleration lower is another strong indication, that red wave v is well under way towards its first target at 1.4313. At 1.4313 red wave v will have travelled 38.2% of the distance travelled from the top of red wave I to the bottom of red wave iii subtracted the top of red wave iv.
Short term resistance at 1.4519 will protect the upside for the continuation lower to at least 1.4313 and possibly even lower.
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