[B]Commentary:[/B] We wrote yesterday that “downside potential remains. A drop under 1.1993 would complete 5 waves down from 1.2215. If this happens, then we will look for a corrective rally in order to get bearish.” A truncated 5th may have ended at 1.2012 and a correction is palying out now.
If this is the case, then look for resistance near 1.2130 (61.8% of 1.2215-1.1993). It is possible that the next big move will be a third wave down, in which case, 1.1815 would give way quickly to much lower prices.
[B]Strategy: [/B] Look to get bearish near 1.2130, against 1.2215, target TBD