Commentary: Near term, the rally from .9755 is in 5 waves and is either wave C of an A-B-C rally from .9055 or is just wave 1 of either a larger C or 3. Given that the rally from .9755 is in 5 waves, weakness is expected to at least 1.0124 (1/15 low) -- which is defended by the 38.2% of .9755-1.0305 at 1.0094. We’ll look for an opportunity to get long near this support.
Strategy: Flat
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