We must respect the possibility that a larger correction is underway from .9647.
To this point, both legs (from .9647-1.0624 and 1.0624-1.0216) are in 3 waves. This action has all the earmarks of a larger correction. As such, we are standing down from the bearish bias for now. If the advance from 1.0216 unfolds in 5 waves, then we’ll commit to the long side. That advance has yet to unfold as such.
