The recent bounce I think is part of a 4th wave of a larger impulse wave that started from 114.72. Unless a move back above 110.84, then a bounce in 3 waves that stalls around 109.00 – 109.50 can support further weakness for new lows for wave [v] and complete an impulse wave from 114.72.

Note: There are more bullish ideas possible, but it would need a strong move above 110.84 for me to consider those ideas. As the says goes”if its not broke dont try to fix it”. So far the current impulse wave idea we have been tracking for many weeks from 114.72 is working, much to the disgust of the bulls, unless I have a reason to switch ideas a bounce for wave [iv] then new lows for wave [v] is till the favored idea.

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