Commentary: Yesterday we wrote that “a top for wave A might be in place at 1.9949. Wave 5 of A appears to take the form of a diagonal (overlapping waves) and diagonals are usually fully retraced. In this case, the origin of the diagonal is close to the 38.2% of 1.9337-1.9949 at 1.9715. The next move is towards this level -- we will look to buy this dip.” Look for the decline to accelerate in the next few days.
Strategy: Bearish, against 1.9960, target 1.9600
Al Bawaba
