Commentary: We favor the idea that an expanded flat is unfolding (wave b exceeds top of wave v). Wave c of the flat is underway and price must come under .7435 before we can begin to look for a bottom. Near term, wave i of C looks complete.7507. As such, expect a corrective setback to end in the .7671/.7773 zone (38.2% -61.8% of .7937-.7507).
Strategy: Get bearish in .7671/.7773 zone, against .7937, target below .7435
Al Bawaba
