Commentary: There is no change to the outlook that calls for a terminal thrust to come under 1.1815 while 1.2215 remains intact. "The daily chart shows a clear 5 wave rally from the December 2004 low to the November 2005 high. Everything since has been a correction. However, the correction is not complete.
A complex correction has unfolded from the November 2005 high (W-X-Y). Wave X is a triangle, which means that we should expect a terminal thrust lower to complete the correction. The thrust to 1.1815 is most likely just the first leg of wave Y lower. As such, we are looking for price to come under 1.1815 before any meaningful bottom is in place." Near term, price just tested the 61.8% of 1.2215-1.1993 (wave 1 of Y). 1.2135 may be the top of wave 2 of Y, so this is a high probability, high reward/risk bearish entry. The rally from 1.1993 is clearly corrective as the waves are choppy and overlapping. Strategy: Remain bearish, against, 1.2215, target below 1.1815