Commentary: We wrote yesterday to “expect some additional consolidation in small wave iv before a drop to a new low in wave v, which would complete a 5 wave bear cycle from the top (.7785).
A larger pullback should follow, which would present an opportunity to get bearish against the high.” That pullback is underway now and should face resistance in the .7543 area, which is the 38.2% of .7785-.7394 and just above the former 4th wave.
Strategy: Flat