[B]Commentary[/B]: We wrote yesterday that “if an impulsive decline is unfolding from 2.1160, then the decline should accelerate in the next few days in a third of a third wave down and that the next objective is 1.9525.” Today we are looking at the hourly and considering the short term wave count. At this juncture, it is likely that wave iii of 3 is down since price has broken throught the 100% extension of 2.0831-2.0180/2.0576. When price breaks below this level, it is often a sign that the decline will continue until the 161.8% extension. In this case, the 161.8% extension is at 1.9523. Near term, look for a test of 1.9984 (solid black line).
[B]Strategy[/B]: Get bearish near 1.9984, against 2.0195, target 1.9530