Commentary: We have continued to state that we expect a return to 118.00 in order to complete wave C of the A-B-C from 11.59 and that this count remains favored unless price drops under 112.59.
Near term, waves i and ii of C may be complete at 113.99. The rally to 115.85 and subsequent decline to 114.02 would then be smaller waves i and ii of iii of c. A rally through 115.85 instills confidence in the bullish bias.
Strategy: Remain bullish, risk at 112.59, target 118.00