[B]Commentary[/B]: The scenario that we have described recently is playing out. We wrote yesterday that “If the rally from 1.0012 fails and gives way to a drop below 1.0012, then there would be 5 waves down from 1.0378. Expectations then would be for a corrective rally that we would look to sell into.” The drop below 1.0012 does complete 5 waves down from 1.0378 and the mentioned corrective advance is expected to begin soon and bring price back to at least 1.0117 but probably higher. We will look to sell into this rally.
[B]Strategy[/B]: Flat