Commentary: We have favored a rally in larger wave B to end near the 61.8% of 1.4966-1.4525 at 1.4800 but evidence exists now that a B wave top is in at 1.4750, which is just pips above the 50% retrace level. As such, we favor a drop below 1.4525 in wave C of the decline from 1.4966 while 1.4750 remains intact. A bearish target is the 38.2% of 1.3360-1.4966 at 1.4353. This count was first presented yesterday afternoon in the Elliott wave forum in post # 2188.
Strategy: Bearish now, against 1.4750, target 1.4360
Al Bawaba
