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 111.59 and that this count remains favored unless price drops under 112.59.”
This count is now favored as long as price is above 113.99. Near term, the subdivisions are not especially clear but there is no reason to change the outlook for a rally to exceed 117.12 (minimum) before a reversal opportunity presents itself.
Strategy: Remain bullish, against 113.99, target 118.00