Let us examine the wave counts here. Major 3 waves were completed at 1.5100 levels last week. 4th wave is under way which is normally in 3 steps. We expect the 4th wave to complete between 1.4650 and 1.4700. That would be the beginning of the thrust 5th wave towards fresh highs of 1.5200 and further. At present, it is recommended to book profits on the long positions taken earlier, and seek fresh buying opportunity at around 1.4700.
Trading Recommendations:
Book profits on the long positions taken between 1.4820/30 earlier. Look to buy on a dip towards 1.4700 again.
