More Long to come?

Well, sterling completed its 5 wave triangle and continued long just as predicted. Now the question is "how much further long will it go." In a purely technical sense it has done enough to call the retracement complete and move short but I do not think that is the case. It looks to have completed 5 waves long wtih the bar at 06:10 this morning. I believe that is the first leg of something that will become more complex and retrace the short movement even further. I will give another update as soon as the pattern provides more clarity. I still think a likely stopping point is at the trend line that is now a little under 1.6600.