Commentary: We have continued to state that we expect a return to 118.00 in order to complete wave C of the A-B-C from 11.59 and that this count remains favored unless price drops under 113.99. 113.99 is awfully close to being breached so please keep the alternate that we proposed last week in mind.
The triangle scenario would most likely lead to weakness below 114.00 that proves marginal before a small bounce in wave e completes the triangle. This is the pattern we are showing today.
Strategy: Remain bullish, move risk to 113.99 (from 112.59), target 118.00