Commentary: Please see yesterday’s commentary for a more in depth explanation on the count from 2.1160. We view the entire decline from 2.1160 as wave 1 or A in a 5 or 3 wave bear cycle. Therefore the rally from 1.9337 is viewed as wave A of the 3 wave countertrend rally. Look for price to come into the 1.9563/1.9702 zone before another rally completes the correction sequence from 1.9337.
Strategy: Exit bullish position
Al Bawaba
