Commentary: We wrote yesterday that “we maintain a cautious bullish bias as long as price is above 109.56 in part because the decline yesterday was in only 3 waves, which is corrective. As we have focused on in recent days, the rally from there may be part of wave C within an A-B-C rally from 107.20. A would equal C just below the 61.8% of 117.93-107.20 at 113.83.” This remains the favored count as long as price is above 110.48.
Strategy: Flat
Al Bawaba
