Today's Support and Resistance Levels:
R3: 143.09
R2: 142.84
R3: 142.54
Current Spot: 142.33
S1: 142.19
S2: 142.04
S3: 141.92
Technical Summary:
The clear break above 141.49 and more importantly the break above 142.04 has forced me to recount the decline from 145.69. Instead of black wave i ending at 141.49 I have moved the ending point to yesterdays low at 140.49. That also gives us a nice five wave decline, with some very nice wave relationships. Red wave iii became 2 times longer than red wave i and red wave v became almost exactly 61.8% of the distance traveled from the top of red wave i to the bottom of red wave iii.
I'm now looking for wave ii and the first target for wave ii is at the top of wave iv of one lessor degree at 143.17, which also is close to the 50% corrective target at 143.09. However, we have to remember, that second waves are allowed to correct up to 100% of the first wave, which means we could see wave ii go all the way back to 145.69, but for now look for a move closer to 143.09 followed by a correction towards 141.47.
Today's Support and Resistance Levels:
R3: 1.6522
R2: 1.6449
R1: 1.6359
Current Spot: 1.6345
S1: 1.6331
S2: 1.6298
S3: 1.6256
Technical Summary:
We saw the expected decline closer to 1.6223 (the low has been 1.6214) followed by a correction higher. Expect resistance at 1.6369 will protect the upside for a break below 1.6331 calling for a decline towards 1.6298 and maybe even lower towards 1.6270 before the next move higher towards 1.6415 to end this correction and wave (iv). Once wave (iv) is over expect wave (v) lower towards 1.6173 and likely even lower to 1.6005.
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