Today's Support and Resistance Levels:
R3: 135.50
R2: 134.95
R1: 134.24
Current Spot: 133.73
S1: 133.60
S2: 133.15
S3: 132.91
Technical Summary:
The facts, that we did not see a break below 131.12 and saw an unexpected break above 133.73 has revived the ending diagonal formation and is calling for one final rally above 135.50 towards 137.47 and maximum 138.17 (wave iii can not be the shortest wave and that would be the case if we does see a break above 138.17).
Short term I will be looking for a move closer to 134.24 followed by a correction towards 133.60 and maybe even lower towards 132.91 before the next rally higher.
Today's Support and Resistance Levels:
R3: 1.6488
R2: 1.6429
R1: 1.6387
Current Spot: 1.6338
S1: 1.6302
S2: 1.6223
S3: 1.6113
Technical Summary:
With the break above 1.6422 I have had to change my count slightly. Instead of a one-two/one-two count I have to assume, that red wave i has become the extended wave and we should now look for wave iii and v to be smaller waves of nearly the same size. The ideal target for this correction is still the same at 1.5525.
Short term a break below 1.6302 will indicate, that red wave ii is over for a decline towards 1.5913 and lower towards 1.5822 before a small flat correction should be expected. However, as long as support at 1.6302 protects the downside we could see more upside first, but the odds for this outcome is not the best.
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