Commentary: As long as price is above 107.20, we are sticking with the ‘larger correction scenario’. “One possibility is that a larger more complex correction is unfolding and that this decline is just wave X. Potential support is at 111.31 and 110.09 (100% and 161.8% extensions of 114.65-112.67/113.29).
The decline from 114.66, although sharp, is best counted as a triple zigzag (corrective). We expect wave Y to end above 114.66 (probably near the 78.6% of 117.93-107.20 at 115.63.)” Even if the decline from the 114.66 is an impulse, then a larger corrective advance is expected; which would offer the opportunity to get bearish.
Strategy: Exit bearish position