Today's Support and Resistance Levels:
R3: 142.15
R2: 141.93
R1: 141.73
Current Spot: 141.46
S1: 141.20
S2: 141.91
S3: 140.79
Technical Summary:
With the break below 142.15 we had the first strong indication, that an important top is in place at 142.83. However, a break below 140.91 is still needed to confirm, that the top of wave v of 5 is in place and that a major correction towards at least 124.95 is developing.
Short term look for a move closer to 140.91 (likely not a break below on the first attempt) followed by a correction higher towards 142.15, form where renewed downside pressure should be seen and this time a clear break below important support at 140.91.
Today's Support and Resistance Levels:
R3: 1.6779
R2: 1.6708
R1: 1.6658
Current Spot: 1.6622
S1: 1.6590
S2: 1.6556
S3: 1.6516
Technical Summary:
I'm still looking for the final rally in green wave v towards 1.6869 to end the leading diagonal. Once green wave v is in place a correction towards 1.6556 should be seen, before a new impulsive rally higher towards at least 1.7239 is expected.
Short term support at 1.6590 should protect the downside for a break above 1.6658 confirming the rally towards 1.6869. Only an unexpected direct break below 1.6556 will invalidate the bullish call and add considerable downside pressure.
Hi EWS with this data that seems to be coming from the US every week now to do with NFP and other employment data do we discount these spikes in price action when looking at wave patterns.
ReplyDeleteBest Regards jt
Hi JT,
ReplyDeleteIt's my view, that historic economic data will have no real influence on the Price action. However they can cause short term disturbance like the spikes you mention, but overall it's old news already discounted into the Price.
Kind regards
EWS