Commentary: We wrote yesterday that we expected a reversal as it appeared that wave within an a-b-c advance from 113.24 was complete. The reversal did occur and a smaller correction is now unfolding.
Expect a spike through 115.14 and possibly a test of the 61.8% of 115.91-114.46 at 115.36 before the next leg lower begins.
Strategy: Bearish now, against 117.10, target below 111.59