Commentary: Continue to wait out this correction. There are multiple possibilities but one that we are following has the entire rally and correction from 111.59 as a triangle. This would mean that wave E of the triangle is unfolding now and will end before 116.46 before a terminal thrust lower (below 111.59).
We are showing this count today. Another count treats the 111.59-117.12 rally as wave A with a triangle unfolding in wave B. What would follow is some additional consolidation followed by a thrust towards 119.00 in wave C before a top and reversal. Either way, look for additional consolidation before a break. From a trading perspective, go with the break (below 113.85 and above 117.12).
Strategy: Flat (waiting for wave 3 bearish opportunity)