Recent commentary focused favored “a bullish bias against .9710.” As the pattern changes, so too does our bias. The decline from .9976 to .9818 is best counted as an impulse (5 waves) and the preceding rally can be counted as a double zigzag (a-b-c-x-a-b-c), which is corrective. As such, a bearish bias is warranted against .9976.
STRATEGY: Bearish, against .9976, target TBD
