Commentary: We wrote Friday that “the best strategy would be to buy dips. It looks like the rally from 109.12-111.76 is in 5 waves.” The decline to 109.77 would be a small a wave under this interpretation.
Expectations are for this rally to exceed 111.76 and test 112.42 before price turns down and heads to a new low. The rally likely completes larger wave 4 in the 5 wave bearish cycle from 124.13.
Strategy:Bullish, against 109.77, target 112.40