Commentary: Our favored count is that wave c of a 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, a corrective setback to the .7671/.7773 zone (38.2% -61.8% of .7937-.7507) would offer a high probability short opportunity. The alternate count has an ending diagonal unfolding from .7365 with the rally from .7507 as the beginning of wave 5 within the diagonal. This count is gaining traction so be cautious on the bear side.
Strategy: Get bearish in .7671/.7773 zone, against .7937, target below .7435
Al Bawaba
