Commentary: “The 161.8% extension of 117.92-113.24/115.89 is at 108.30, which is an initial bearish objective. Coming under 111.59 reinforces the bearish bias.” Near term, a small 4th wave (of larger 3) may be unfolding.
The corrective rally should be near its terminus as the rally has reached the 38.2% retrace of wave iii and a former congestion area at 113.39.
Strategy: Remain bearish, move risk to 114.78 ( from 115.41), target 1 at 108.30