I show at least 3 scenarios here, that paints different pictures based on what the wave patterns allow. The move higher off 105.52 must be either a C or a 1, since it's a diagonal pattern. In general, I think one must be prepared for the simple ABC scenario longer term, and hence new lows, and look at the other scenarios only after some evidence that some kind of extension higher has begun.
In the near term, since C is likely to have parity with A, a move to 114 area is likely.
In the near term, since C is likely to have parity with A, a move to 114 area is likely.
In particular, you should spend no time at all thinking about those rosy scenarios in which the market goes your way, since in those situations, there's nothing more for you to do. - William Eckhardt