Commentary: We wrote last week that “if an impulsive decline is unfolding from 2.1160, then the decline should accelerate in the next few days in a third of a third wave down and that the next objective is 1.9525.” Wave iii of either C or 3 ended at 1.9755. A bounce in wave iv is underway now and should face resistance in the 2.0050/2.0100 area (near the 38.2% of iii). Look for a top and reversal near there.
Strategy: Flat
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