Since the 75.56 low ultimo October 2011 we have seen a nice five wave rally to 105.44 in mid-January 2014. We are currently correcting this five wave rally in a simple zig-zag correction. Wave a of this correction became an expanded leading diagonal and we are currently working on wave b. From the chart above it's clear, that wave b has become a b-wave triangle.
We are in the final staged of this b-wave triangle and should soon see a thrust out of the triangle towards the downside for a decline to 93.33, where wave c will be equal in length to wave a. At the same time we will find the 23.6% corrective target of the rally from 75.56 to 105.44 at 93.26.
With a cluster of targets in the 93.26 - 93.33 we should expect this area to protect the downside for the next impulsive rally higher.
However, for now we should focus on the final part of the final part of the triangle ending close to 102.94 for a strong decline in wave c towards 93.33.
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