The drop to 102.64 probably completed 5 waves down from 108.22. When wave 5 fails to register a new price extreme for the move (as happened here because the wave 3 low was 102.62), the 5th wave is termed ‘truncated’. Expectations are for this corrective rally from 102.64 to reach the 38.2% of 108.22-102.64 at 104.77 (former congestion as well) before the next bear leg begins. Wave C of the a-b-c rally should begin soon.
Al Bawaba
