Commentary: There is no change in the call for a return to 118.00 but we are proposing an alternate count today (because it is always a good idea to do so). The count that we have favored for weeks treats the advance from 111.59 as wave a within the a-b-c correction that is larger wave 2. Wave b of that correction ended at 112.59 and we have favored the idea that wave c is underway now towards 118.00.
This count remains favored at the current juncture but the alternate that we propose today is that a triangle is unfolding from 111.59 as large wave B within an A-B-C decline from 124.13. In this triangle alternate, expect weakness towards 113.50/114.30 in wave d of the triangle before a small bounce in wave e, which will be followed by a terminal thrust that ends well below 111.59. Again, the count that calls for a return to 118.00 is favored.
Strategy: Remain bullish, against 112.59, target 118.00