Intermediate-term pattern: Zig zag correction higher (A-B-C) from the low at 1.1979 into Wave [B]. Presently in a five wave impulse rally to complete the correction with extension targets to 1.2971 (minor Wave v=i); then 1.3093 (61.8% extension of minor Waves i-iii).

Trading strategy: Looking for confirmation of a corrective top, for an opportunity to establish a short position with multi-week potential in a decline back toward the swing low 1.1979.

R: 1.3093/1.3061/1.2971 S: 1.2904/1.2758/1.2574