Current price action has failed to penetrate the lows, and if anything, has been grinding away at late arrival sellers. I am currently long and will look to target the D point (1.3068/70) of the which is still in play. I suspect this will act as resistance to form the minor wave 2, or wave 4 correction, for the larger wave 3 impulse.
Final targets for longs will be covered at the 100-161.8 Wave 1 price projection. Half the trade will be closed at the D point and a double sized short will be activated; a stop just above the 0.886 fib of the for the short hedge should suffice, the other half will be closed on a breach of X.
sell tragets: Fib retracements of the whole leg up from 1.2985
TRGT 1: 1.3048
TRGT 2: 1.3036
TRGT 3: 1.3017
Seeing as the current count has completed Wave 1, and is just finishing an irregular correction I will adjust targets for the depending on projected wave points rather than relying solely on the fib retracements.
Note: Should the 1.2985 level fail then the entirety of this trade setup will be invalidated for taking shorts.
Small longs may be worth a play here as the lows(1.2985) are being defended for now.