Commentary:? We wrote last week that “a rally to a new high (even if just a slight new high) above .8947 would satisfy minimum expectations and then lead to a reversal.? A large corrective decline should follow (possibly back to .8600).”?
With the rally stalling at the .9000 figure and with 9 waves up from .8051 (see last week?s analysis for more on this), the probability of a reversal is high. We will wait for evidence (small 5 down) to confirm our bearish bias.
Strategy: Flat