Commentary: We proposed a bearish triangle interpretation yesterday that would call for a terminal thrust lower (possibly below 111.59). A new low below 114.80 at the least is expected as the rally from there is clearly a 3 wave advance ending in a spike high last night at 115.63.
Favor the bearish side as long as price is below 116.46 as the decline from there is impulsive. Very short term, favor the bear side below 115.63. A break below 114.80 places focus on 114.35 ans subsequently the 61.8% of 111.59-117.12 at 113.70.
Strategy: Flat (waiting for wave 3 bearish opportunity)