We saw the expected follow-through to the downside and has even seen a small break below the first target at 101.72. However, after a small correction towards 102.29 I will be looking for the next powerful decline towards at least 99.43 and more likely lower towards 96.54.
Looking at the larger picture we saw a five wave impulsive rally from 75.56 to 105.44 and is currently correcting this rally. The ideal target in my view is at the 38.2% corrective target of this rally at 94.03, however, we have to be aware of the possibility of a sub-normal correction halting at the 23.6% corrective target at 98.39, but only time will show.
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