Commentary: We must respect the bearish potential, which is great because the decline fom 114.65 could be the beginning of wave 3 of larger 3 within the 5 wave bear cycle from 124.13. A break below 107.20 warrants a breakout strategy. Subjectively speaking, we favor a rally to exceed 110.11 as an expanded flat (shown as a-b-c) before the next bearish leg. If the decline from 110.11 unfolds in 5 waves, then we will get bearish on the setback.
Strategy: Flat
Al Bawaba
