The recent high in March 2018 failed to make a new high, so as the look from the Feb 2018 lows appears to in 3 waves, I favor its most likely a [b] wave of either a flat pattern or a triangle pattern. Short term whilst the market stays below 93.51 I think we could see further weakness towards 85.00 – 86.00 for wave [c] of a triangle or even a spike below 82.00 for wave [c] of a flat pattern if we see a 5 wave decline from the March 2018 highs (97.86).
Its too early to suggest a peak in place and the trend from the 2016 lows is completed. For now I would at least give the benefit to the idea wave 4 is still on-going as one of the patterns shown. It would need a strong move below 75.00 to suggest the trend for the 2016 lows is over.
Short term looking lower under 93.51 towards 86.00 or lower based on which of the short term ideas is in progress for wave 4.
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